OTTAWA - Ottawa has given its blessing to the sale of properties0 y9 e/ v: Y" V" |5 n
owned by Athabasca Oil Sands Corp. to a Chinese company. / B* C. ~( N7 Z1 C Federal Industry Minister Tony Clement says he has reviewed the6 T/ j' K w2 X$ J* A2 M2 n- @
deal between Athabasca and PetroChina International Investment Co.2 k1 x% O3 [9 y% ?2 t0 d8 M6 [
Ltd. and finds its is likely to be of net benefit to Canada.: h# F* _) l& @$ o- ~# P- I
Clement says PetroChina and its parent, PetroChina Co. Ltd., have# y' }2 w9 I8 w
made a number of significant commitments should they be allowed to. g" c; |2 }( _3 B' u
acquire control of the MacKay and Dover oil sands projects. . d6 v) _/ G [ Among other things, the Chinese concerns have agreed to capital ! k v( c$ H9 C8 J" A0 q; rexpenditures in excess of $250 million for developing the properties 7 K% R2 ^8 M) T8 v7 Wover the next three years.. a3 p8 U: W3 P- G2 }
They have also pledged to increase employment levels in Canada as % \: A e7 v" F0 ]they develop the projects over the next three years and to maintain* V& W5 y8 I- P
an Alberta head office for operating companies associated with the/ N, A9 R6 i/ b: {% O1 K
projects for the next five years./ o" [5 C$ x' i+ M ^- Q( E0 _- Y
(The Canadian Press)