OTTAWA - Ottawa has given its blessing to the sale of properties) l |' p% B1 }$ w3 ]* U0 a/ U
owned by Athabasca Oil Sands Corp. to a Chinese company. ( O& a/ P( N9 g+ N* z6 Z% ]5 | Federal Industry Minister Tony Clement says he has reviewed the0 }# b" \ t4 j( a* q; I2 v
deal between Athabasca and PetroChina International Investment Co.: o5 n2 i+ P) x9 K( ]4 [
Ltd. and finds its is likely to be of net benefit to Canada.) p. T2 ^0 k2 H
Clement says PetroChina and its parent, PetroChina Co. Ltd., have - O3 U6 s x8 @3 b7 W& l9 Lmade a number of significant commitments should they be allowed to8 N: @& H; v5 s$ K
acquire control of the MacKay and Dover oil sands projects. F: U; W2 Q3 Z2 J+ W1 ^ Among other things, the Chinese concerns have agreed to capital. J P# n- q. U7 `. e. P9 b7 U" w
expenditures in excess of $250 million for developing the properties 9 @& G8 G0 ]. Z! Q7 |over the next three years.' w; R C1 L B m1 ?' Q
They have also pledged to increase employment levels in Canada as 5 |/ v* d8 f0 v' U4 l8 Y# `they develop the projects over the next three years and to maintain 7 j3 Y) n% m% l* d( R r kan Alberta head office for operating companies associated with the K) n$ f, _+ r6 D3 C4 u7 |projects for the next five years. 8 i# \0 a. B# i# t (The Canadian Press)