OTTAWA - Ottawa has given its blessing to the sale of properties2 f7 X. W" r- y/ T- z- G
owned by Athabasca Oil Sands Corp. to a Chinese company. # [4 f% j* ~( Y; I% x8 Z: U& m3 l Federal Industry Minister Tony Clement says he has reviewed the+ q+ J0 \5 G5 p; c9 i# h% K
deal between Athabasca and PetroChina International Investment Co.. K3 e3 G0 }! Y5 z
Ltd. and finds its is likely to be of net benefit to Canada.2 i5 A8 \: @! v$ g5 D$ f
Clement says PetroChina and its parent, PetroChina Co. Ltd., have# L5 _/ f) x% p5 @
made a number of significant commitments should they be allowed to , x$ e* w5 ^+ ?% y( aacquire control of the MacKay and Dover oil sands projects.! H# c+ X+ H3 Y) N! R4 ?# f
Among other things, the Chinese concerns have agreed to capital ! A' g Y" R# { C( v7 zexpenditures in excess of $250 million for developing the properties# L; T; _2 J! a
over the next three years. . w3 B9 j- ?% r They have also pledged to increase employment levels in Canada as& G6 _( Q3 Y+ N3 j
they develop the projects over the next three years and to maintain ) Z1 T2 ?' N+ G8 T9 ?8 Pan Alberta head office for operating companies associated with the d9 }- N6 \/ T- ~; w9 m: K: Kprojects for the next five years.& l W, p7 I3 o9 a% `0 k0 S8 `- Z
(The Canadian Press)