OTTAWA - Ottawa has given its blessing to the sale of properties ' M) `/ c+ Y+ f" m% sowned by Athabasca Oil Sands Corp. to a Chinese company. . a/ [$ U# G+ `' ~5 u3 f2 L Federal Industry Minister Tony Clement says he has reviewed the( J1 Z5 ?+ ]: E6 Q0 _( s: _* C
deal between Athabasca and PetroChina International Investment Co.# I y4 D. y1 }- s" |9 i7 a9 P
Ltd. and finds its is likely to be of net benefit to Canada. 0 l! v* D5 j! Q; Y0 d Clement says PetroChina and its parent, PetroChina Co. Ltd., have # n2 v V" n3 C2 T [; }0 Q5 Imade a number of significant commitments should they be allowed to# V! E- T4 q( `$ v' N
acquire control of the MacKay and Dover oil sands projects. , y1 K: E; t& {0 w Among other things, the Chinese concerns have agreed to capital5 ^ b6 O6 Z! \) J
expenditures in excess of $250 million for developing the properties ! X2 D1 g6 T& o" [& `$ }! jover the next three years." |) C" `( K. _8 N
They have also pledged to increase employment levels in Canada as5 P; s/ s; b" m, n; C& T" y- q
they develop the projects over the next three years and to maintain ( B) y' c9 w* t q+ n/ A) San Alberta head office for operating companies associated with the( I$ v n" k2 ]& t# s5 p
projects for the next five years. - J2 [4 D/ ?( f" ~% u- Q) F; s (The Canadian Press)