OTTAWA - Ottawa has given its blessing to the sale of properties + e! A" s" V8 j$ [4 ^3 _; Powned by Athabasca Oil Sands Corp. to a Chinese company.# |! ~4 S+ W+ }% S
Federal Industry Minister Tony Clement says he has reviewed the $ M4 E: M+ Z: V. o1 hdeal between Athabasca and PetroChina International Investment Co.; x T! q$ j/ f2 O! C
Ltd. and finds its is likely to be of net benefit to Canada. 5 }# x$ |7 D" g* G Clement says PetroChina and its parent, PetroChina Co. Ltd., have - Z( Q. {# W. Xmade a number of significant commitments should they be allowed to1 U8 F: Q) I/ z5 ?
acquire control of the MacKay and Dover oil sands projects.% `. p; f Z& b" m! S
Among other things, the Chinese concerns have agreed to capital 0 E1 ?% c' V/ S3 _expenditures in excess of $250 million for developing the properties4 L+ h5 v, X+ m& {# Q# h
over the next three years. 4 v3 t) Q h$ H' } They have also pledged to increase employment levels in Canada as; v3 t2 t: R. ?) ~0 `
they develop the projects over the next three years and to maintain1 m7 w2 `0 d4 c: v, B4 n3 q5 |* z
an Alberta head office for operating companies associated with the" d& z# u& @7 B0 t- L* ?
projects for the next five years. @9 j _7 p9 c" ~+ ?' U
(The Canadian Press)