OTTAWA - Ottawa has given its blessing to the sale of properties : y$ L8 a8 |1 I6 P( F0 p1 vowned by Athabasca Oil Sands Corp. to a Chinese company.) Q/ N3 W @6 f+ {
Federal Industry Minister Tony Clement says he has reviewed the + j( E% r2 r$ i3 e4 a- pdeal between Athabasca and PetroChina International Investment Co. 4 ~4 b. ~) D R/ ?3 R" hLtd. and finds its is likely to be of net benefit to Canada., `( y5 }- D+ e( G2 X( r6 z' d
Clement says PetroChina and its parent, PetroChina Co. Ltd., have$ }- K( I8 b- [- M# ]* a
made a number of significant commitments should they be allowed to0 S& R4 H$ S) e- z( t: ?
acquire control of the MacKay and Dover oil sands projects.$ E: p8 l, D( v) u" F: G
Among other things, the Chinese concerns have agreed to capital9 ?4 s4 W. L* U# K
expenditures in excess of $250 million for developing the properties 9 m2 k" C7 V) w' i3 h3 R. Tover the next three years. 8 p' q6 ^' L6 P6 w5 F; l! s) } ^ They have also pledged to increase employment levels in Canada as 7 }0 [# \% j0 kthey develop the projects over the next three years and to maintain5 Y3 D- b3 u6 n; u
an Alberta head office for operating companies associated with the# q. \) J" y( Z
projects for the next five years. 5 L* M( m' [& E6 R4 ?4 A. C3 Y (The Canadian Press)