OTTAWA - Ottawa has given its blessing to the sale of properties i' S% @) c4 O' ]
owned by Athabasca Oil Sands Corp. to a Chinese company. e3 H" B9 N: [# R0 q& @ Federal Industry Minister Tony Clement says he has reviewed the! T' y- C1 ?& P% j( Q
deal between Athabasca and PetroChina International Investment Co. 2 z$ u8 `+ Z3 F8 B" }" t; x% PLtd. and finds its is likely to be of net benefit to Canada. & h! s" R. ]' ]2 j Clement says PetroChina and its parent, PetroChina Co. Ltd., have. i. ^. i; L8 y0 Y# C" ]9 W
made a number of significant commitments should they be allowed to: B4 |1 G k+ M! h; p. q
acquire control of the MacKay and Dover oil sands projects.! o$ b/ P. j% \* Y& K
Among other things, the Chinese concerns have agreed to capital / J! W8 L9 ]% p% kexpenditures in excess of $250 million for developing the properties 0 Y& g! v$ @) ~# Z/ r1 Dover the next three years.2 w( N/ `& S5 h$ b* a
They have also pledged to increase employment levels in Canada as8 }3 }/ `6 X5 e3 ^; `5 S- P5 _
they develop the projects over the next three years and to maintain / t; T- v! Y/ j) ^* ]- can Alberta head office for operating companies associated with the " ^) F f$ N- I# y/ n6 Rprojects for the next five years. 8 o7 G1 P" v1 t& B# H9 O (The Canadian Press)