OTTAWA - Ottawa has given its blessing to the sale of properties $ z% W$ u* |& |owned by Athabasca Oil Sands Corp. to a Chinese company.: S0 O( z( L% g0 o$ Q
Federal Industry Minister Tony Clement says he has reviewed the 6 h! X# ^; e& ~+ Mdeal between Athabasca and PetroChina International Investment Co. . G7 O k+ M2 f0 S' ?Ltd. and finds its is likely to be of net benefit to Canada. 2 L( v) r" ?. [* Q( ?3 ?. _ Clement says PetroChina and its parent, PetroChina Co. Ltd., have9 ]$ D' C' n% j1 c2 c* I! X1 I6 ^
made a number of significant commitments should they be allowed to% S# {9 V& ]: ]$ f: n# U* `
acquire control of the MacKay and Dover oil sands projects. & Q" h3 p7 ?+ y/ p9 o Among other things, the Chinese concerns have agreed to capital / B1 f0 E( }' L+ k/ L6 i( Nexpenditures in excess of $250 million for developing the properties. J8 j- m3 l: O9 h, m0 U
over the next three years.; p. |' y h! y
They have also pledged to increase employment levels in Canada as5 Q5 r& p; F n+ G/ z
they develop the projects over the next three years and to maintain* I# l$ e0 f$ _0 w6 T- C" M$ p
an Alberta head office for operating companies associated with the ' I" X2 C% H7 a2 u0 Oprojects for the next five years.* b; ~* V$ O8 E) Z& k R
(The Canadian Press)