OTTAWA - Ottawa has given its blessing to the sale of properties( k3 X" M; Z$ [$ a- L
owned by Athabasca Oil Sands Corp. to a Chinese company.- q" L( B* e; ~! b* c. n
Federal Industry Minister Tony Clement says he has reviewed the 1 W6 P9 f. b R2 k* y* w% jdeal between Athabasca and PetroChina International Investment Co.+ ?+ F. ]9 k/ {- Q# U" T
Ltd. and finds its is likely to be of net benefit to Canada.3 C( E' U. R5 w' `) H2 M& J
Clement says PetroChina and its parent, PetroChina Co. Ltd., have' X9 f9 v6 L+ T. t' ~. ~
made a number of significant commitments should they be allowed to8 ?. }2 O0 e" ]' h1 l
acquire control of the MacKay and Dover oil sands projects.- w: j! x/ T2 ]- q
Among other things, the Chinese concerns have agreed to capital # J2 P7 l* G7 ] H' Gexpenditures in excess of $250 million for developing the properties) v' r- Z* Z3 Z' a+ M
over the next three years./ [( E) l( [9 A) d# C: c7 x. a; l
They have also pledged to increase employment levels in Canada as8 D8 [4 l0 y; J0 F/ i4 i
they develop the projects over the next three years and to maintain & z7 C9 q4 I$ @3 }# y9 X8 u3 q# han Alberta head office for operating companies associated with the ' w, `; y- s* o! J1 I9 w, _) iprojects for the next five years.* p) z$ U8 u! p3 K$ v" [, ^
(The Canadian Press)