OTTAWA - Ottawa has given its blessing to the sale of properties. l! U0 \% q' }/ U; V# h* P( a3 R
owned by Athabasca Oil Sands Corp. to a Chinese company. : i: f" h0 l, a3 l( }0 I Federal Industry Minister Tony Clement says he has reviewed the7 |1 E2 C8 F! d1 N
deal between Athabasca and PetroChina International Investment Co. I* |6 a2 ~7 X$ P4 r! l+ u
Ltd. and finds its is likely to be of net benefit to Canada. ; L3 j" k$ j- W' F0 p3 o Clement says PetroChina and its parent, PetroChina Co. Ltd., have) v# b- J- H/ y9 J
made a number of significant commitments should they be allowed to+ V3 z9 I0 p& m% J) E E
acquire control of the MacKay and Dover oil sands projects. + @! I$ M% r6 D$ b/ G. a Among other things, the Chinese concerns have agreed to capital : v. i! y8 y; @& }' m4 P, q8 Hexpenditures in excess of $250 million for developing the properties & ? T" g4 y) T# nover the next three years.9 }( L3 w- A# C: O
They have also pledged to increase employment levels in Canada as0 H! T! \* V9 ~ S ~
they develop the projects over the next three years and to maintain + p/ a {/ G y4 `* j3 can Alberta head office for operating companies associated with the ( V9 O( x O1 s$ J7 Dprojects for the next five years. i' R/ C& J. d
(The Canadian Press)