OTTAWA - Ottawa has given its blessing to the sale of properties 9 m1 I: F$ [# N0 ^/ H9 Z6 C( Nowned by Athabasca Oil Sands Corp. to a Chinese company. 4 r9 y! r1 ]4 t% V' X; ]# w/ C Federal Industry Minister Tony Clement says he has reviewed the% a4 i; V/ b* C2 I
deal between Athabasca and PetroChina International Investment Co. . P! N- s$ }3 NLtd. and finds its is likely to be of net benefit to Canada." d2 W9 x8 A& d9 Q" e
Clement says PetroChina and its parent, PetroChina Co. Ltd., have$ H h" F2 h# u
made a number of significant commitments should they be allowed to . }$ B) q+ {. p& Y0 P) \acquire control of the MacKay and Dover oil sands projects. + ?* G4 K- ]. W( [: ? Among other things, the Chinese concerns have agreed to capital + T/ d8 b3 x5 B3 B3 L* Sexpenditures in excess of $250 million for developing the properties1 a( v- I* L: g1 o
over the next three years.; h, _( i2 A" t n" [
They have also pledged to increase employment levels in Canada as ' a( z$ U" I& O1 c/ pthey develop the projects over the next three years and to maintain " J3 L9 I L) e; U" B' fan Alberta head office for operating companies associated with the 0 S+ s L4 N. c8 w. A- H xprojects for the next five years.) H* }8 C; A; X: B& H0 D
(The Canadian Press)