OTTAWA - Ottawa has given its blessing to the sale of properties m5 ?4 r D# J8 @owned by Athabasca Oil Sands Corp. to a Chinese company. " g( D3 w0 _2 a( p- a Federal Industry Minister Tony Clement says he has reviewed the # m+ ?+ ^" |: L$ a; a% Odeal between Athabasca and PetroChina International Investment Co. " X% f% ] D" S5 q1 }: `' @, c( aLtd. and finds its is likely to be of net benefit to Canada. 8 O0 v* L4 B. S0 \. n( g Clement says PetroChina and its parent, PetroChina Co. Ltd., have ; B) [; U! N8 a6 u0 ymade a number of significant commitments should they be allowed to( P) T; z$ j) g5 D: H
acquire control of the MacKay and Dover oil sands projects.& G5 R* u; I/ D( g! ]0 p
Among other things, the Chinese concerns have agreed to capital ' r5 N b, D/ Z0 Aexpenditures in excess of $250 million for developing the properties & `4 m# o0 P3 I4 P7 e0 Mover the next three years.6 q y' }8 E4 G& ~+ w
They have also pledged to increase employment levels in Canada as 6 i* k! C- O# i1 G8 }they develop the projects over the next three years and to maintain& Y: A) @! L' V+ E6 s
an Alberta head office for operating companies associated with the/ \) F+ L# p: o& \+ L
projects for the next five years.$ a; k& s. ^: j
(The Canadian Press)