OTTAWA - Ottawa has given its blessing to the sale of properties4 V9 P% D3 o! h" U
owned by Athabasca Oil Sands Corp. to a Chinese company.( l B) G8 Y. J' D% F* r; M
Federal Industry Minister Tony Clement says he has reviewed the# Z' }$ u. c+ o' o4 @
deal between Athabasca and PetroChina International Investment Co. # J' T0 B- U0 x$ L: s# ^8 ALtd. and finds its is likely to be of net benefit to Canada.* D. f% A6 R! W2 Q( ?# W
Clement says PetroChina and its parent, PetroChina Co. Ltd., have & R/ E+ M3 E( j9 Y# [! l0 Amade a number of significant commitments should they be allowed to $ k# k: m1 }9 }. z" H! X1 m; jacquire control of the MacKay and Dover oil sands projects.4 B2 y2 e2 W b
Among other things, the Chinese concerns have agreed to capital 5 Q I! x3 q& m0 ~expenditures in excess of $250 million for developing the properties 0 ], C: j; }8 }0 eover the next three years.9 @% g; Z1 y; T" T- O
They have also pledged to increase employment levels in Canada as c3 p( o- X- A. y8 |* `% n
they develop the projects over the next three years and to maintain + b7 T: `! Z/ Jan Alberta head office for operating companies associated with the) w' o/ }/ r% M/ Y2 }3 s. Q
projects for the next five years.- L0 _6 h, ?8 k
(The Canadian Press)