OTTAWA - Ottawa has given its blessing to the sale of properties # P7 d6 g1 T0 x% F; _, ?owned by Athabasca Oil Sands Corp. to a Chinese company.8 `: l$ y* N& _ g9 \0 N
Federal Industry Minister Tony Clement says he has reviewed the 9 {! T: J; D0 A! {* ldeal between Athabasca and PetroChina International Investment Co. @# y+ U6 [5 M) Z$ Y
Ltd. and finds its is likely to be of net benefit to Canada. % h( r2 V4 L* S# y* u0 q Clement says PetroChina and its parent, PetroChina Co. Ltd., have; n9 v ^2 G5 D: }" L/ d2 L! v
made a number of significant commitments should they be allowed to, b- S9 S9 r# j$ ^$ w: K
acquire control of the MacKay and Dover oil sands projects. |6 e: o! j( P# g Among other things, the Chinese concerns have agreed to capital 5 S" O4 @0 D2 _$ {" ~. Aexpenditures in excess of $250 million for developing the properties 0 p0 F2 U- x4 V) U+ q tover the next three years.& c' H4 `3 o4 R. j: i) w
They have also pledged to increase employment levels in Canada as1 N' j+ x5 h/ h/ ^5 U9 ?+ B
they develop the projects over the next three years and to maintain6 t O: m, P* f/ G
an Alberta head office for operating companies associated with the* T5 ]: B$ k8 I5 M( I7 V: n1 P" M. @
projects for the next five years.( I6 U) |! x; {+ O
(The Canadian Press)