OTTAWA - Ottawa has given its blessing to the sale of properties , Z p* l7 V* F5 Y+ f: howned by Athabasca Oil Sands Corp. to a Chinese company.+ v+ |6 E9 D0 ~$ S/ s" |" p
Federal Industry Minister Tony Clement says he has reviewed the. y7 M6 ` I* Q3 M8 Z2 \
deal between Athabasca and PetroChina International Investment Co. # A, Z" F( j: Y! g- z" c1 Y6 `7 }' VLtd. and finds its is likely to be of net benefit to Canada. P$ J: }9 x! l Clement says PetroChina and its parent, PetroChina Co. Ltd., have : o% X j+ R$ }" Q5 i$ {; h: smade a number of significant commitments should they be allowed to- ?8 a& b7 @) F
acquire control of the MacKay and Dover oil sands projects. 0 e5 i# N |& o: V3 p# f Among other things, the Chinese concerns have agreed to capital 7 L' b0 c2 n* q! M; ^' K5 {( Nexpenditures in excess of $250 million for developing the properties ( m. y3 r/ k1 L% _over the next three years. $ q' b/ I: U4 P" m7 O They have also pledged to increase employment levels in Canada as % j1 |( L; Z( O) P8 V" s! `: H4 U. ^they develop the projects over the next three years and to maintain 0 [! L" Y5 ]2 K8 @1 V. I8 uan Alberta head office for operating companies associated with the1 G1 U) @& A! c; {1 @
projects for the next five years.0 t8 R* {$ }2 C) f1 L' F# |: F; T$ _# _
(The Canadian Press)