OTTAWA - Ottawa has given its blessing to the sale of properties ; c: G3 r0 V5 B. `- Mowned by Athabasca Oil Sands Corp. to a Chinese company.9 ?5 ^( r: n( u2 y" J/ n! A* y. k
Federal Industry Minister Tony Clement says he has reviewed the % F4 p4 \5 v$ x# I& h# K% |1 vdeal between Athabasca and PetroChina International Investment Co. V" T% t; }; J1 h# N8 C( }" M
Ltd. and finds its is likely to be of net benefit to Canada.) n5 t2 W; K+ Q2 x
Clement says PetroChina and its parent, PetroChina Co. Ltd., have # O8 F3 J2 T" b1 ymade a number of significant commitments should they be allowed to/ L% `' i' u- P
acquire control of the MacKay and Dover oil sands projects. 6 b: H: M. ~4 I Among other things, the Chinese concerns have agreed to capital % a% ]5 ~! v; [, f' H! t! [0 Mexpenditures in excess of $250 million for developing the properties3 {' ~& S' ]$ e; K* i3 c
over the next three years. 6 w6 w' v1 Q" _6 u6 {6 e They have also pledged to increase employment levels in Canada as & p! t" B$ y: e; Athey develop the projects over the next three years and to maintain t& d) H6 h* Dan Alberta head office for operating companies associated with the/ h2 l1 J$ `& Q9 z+ I3 z1 P
projects for the next five years. K \: r* Q- l9 J (The Canadian Press)