OTTAWA - Ottawa has given its blessing to the sale of properties ; b r+ g, a6 L3 Nowned by Athabasca Oil Sands Corp. to a Chinese company.8 w* I( D8 p; j' w
Federal Industry Minister Tony Clement says he has reviewed the 8 K+ A- o1 K2 ?4 Y/ mdeal between Athabasca and PetroChina International Investment Co.3 C4 ? d- l6 d6 R' N
Ltd. and finds its is likely to be of net benefit to Canada./ T5 r$ b: j: O4 S+ _1 L% \! D
Clement says PetroChina and its parent, PetroChina Co. Ltd., have ) m6 f9 z! [ }. B+ u7 J$ K1 ^1 Gmade a number of significant commitments should they be allowed to" ^- j6 e, S. U; t8 `
acquire control of the MacKay and Dover oil sands projects. , a8 _/ z$ V1 b- I# g Among other things, the Chinese concerns have agreed to capital ; c2 c2 v% J+ ^ b. E1 A% O0 xexpenditures in excess of $250 million for developing the properties 7 E1 |$ l5 j6 hover the next three years. ! |9 G& [& G, k# }8 O+ g R They have also pledged to increase employment levels in Canada as1 x2 U: k: V6 r4 z
they develop the projects over the next three years and to maintain 4 A' r N3 w% M/ g) Y1 d6 aan Alberta head office for operating companies associated with the# y+ k; q# C% \- z4 X/ f
projects for the next five years., k+ D- K$ x5 s, S' Z2 S
(The Canadian Press)