OTTAWA - Ottawa has given its blessing to the sale of properties & f( \+ y1 h% Uowned by Athabasca Oil Sands Corp. to a Chinese company.9 [0 o5 L& I% d
Federal Industry Minister Tony Clement says he has reviewed the$ p% m3 u3 r+ ]; W: P$ p9 ?
deal between Athabasca and PetroChina International Investment Co. $ a9 W) s+ D2 V% [$ uLtd. and finds its is likely to be of net benefit to Canada. 3 E& B! c- s' g6 P$ i Clement says PetroChina and its parent, PetroChina Co. Ltd., have - q$ t' T1 X+ y$ r: d. Imade a number of significant commitments should they be allowed to. o7 @( R1 r4 n3 u6 K& \1 R
acquire control of the MacKay and Dover oil sands projects. - k7 I2 G6 C( g) b Among other things, the Chinese concerns have agreed to capital; [# `# E( M2 P
expenditures in excess of $250 million for developing the properties* {5 E/ K5 F1 T! [/ S- G8 T3 k! L# X
over the next three years.( N$ Y& M6 w0 |( @; U" C
They have also pledged to increase employment levels in Canada as , s$ j7 V J% r5 C1 G: v" Gthey develop the projects over the next three years and to maintain. |) n; u, v* y/ c1 J0 N( q- |
an Alberta head office for operating companies associated with the6 B, X) X& y [; ?$ D
projects for the next five years. . [- S0 d& f7 D( Z5 t. F( M& e# { (The Canadian Press)