OTTAWA - Ottawa has given its blessing to the sale of properties 3 p( q. q: N% k8 g9 k$ L' Lowned by Athabasca Oil Sands Corp. to a Chinese company. ( l- ^- _% I) C% @# T Federal Industry Minister Tony Clement says he has reviewed the 0 o1 M/ a( \" P1 Vdeal between Athabasca and PetroChina International Investment Co., b. p1 }) P+ l1 p9 i9 q
Ltd. and finds its is likely to be of net benefit to Canada. % |: _4 E" K& \0 G! s3 ] Clement says PetroChina and its parent, PetroChina Co. Ltd., have: d y5 g' n+ a, P1 h5 l
made a number of significant commitments should they be allowed to " a/ U2 z3 c; Z- w2 [5 r; hacquire control of the MacKay and Dover oil sands projects. 4 W a" a' t' p. T, `! S! ]5 P Among other things, the Chinese concerns have agreed to capital( I; T. l t! }% e& N7 h% k
expenditures in excess of $250 million for developing the properties $ W9 V1 T( D& ]over the next three years. : d9 }; N4 }) Q1 v0 o They have also pledged to increase employment levels in Canada as # J9 r+ @# `' W# O% [they develop the projects over the next three years and to maintain. i( T$ I4 N' g9 L
an Alberta head office for operating companies associated with the: d3 A" W5 }- s6 \5 W' X
projects for the next five years.' a- E6 K( |8 X3 a7 |
(The Canadian Press)