OTTAWA - Ottawa has given its blessing to the sale of properties q+ u) M& x0 S2 j! w6 l0 m
owned by Athabasca Oil Sands Corp. to a Chinese company.& S$ \+ U. {. a1 i: e5 z
Federal Industry Minister Tony Clement says he has reviewed the0 e; Y+ D; `: h' g6 l
deal between Athabasca and PetroChina International Investment Co.7 N) z' |7 i4 }
Ltd. and finds its is likely to be of net benefit to Canada.7 p ~: K8 [7 o) [
Clement says PetroChina and its parent, PetroChina Co. Ltd., have 4 f7 u0 M. H0 Smade a number of significant commitments should they be allowed to( X7 h: G$ s* j" m
acquire control of the MacKay and Dover oil sands projects. 9 k# T: _& N) X Among other things, the Chinese concerns have agreed to capital4 x i* o* p% o' e8 e' @0 ~
expenditures in excess of $250 million for developing the properties ' W; v5 y& _! U+ ~' kover the next three years. + B# E$ r ?3 h4 p; ?; ?3 d They have also pledged to increase employment levels in Canada as / E' c2 M0 W) d1 bthey develop the projects over the next three years and to maintain & p' G- S3 w5 E9 J8 y: Pan Alberta head office for operating companies associated with the# {# Y0 I e& E6 M' V' Q! R
projects for the next five years. ' o3 ^/ Y j' c/ T (The Canadian Press)