OTTAWA - Ottawa has given its blessing to the sale of properties ' z% i* v7 C N- Y9 d8 wowned by Athabasca Oil Sands Corp. to a Chinese company.3 I" k T6 d: i5 S
Federal Industry Minister Tony Clement says he has reviewed the % `6 |1 F, l2 G9 Sdeal between Athabasca and PetroChina International Investment Co.+ n6 i. y) Z9 S/ }" Z1 M1 h _
Ltd. and finds its is likely to be of net benefit to Canada. * M! ?5 ?1 ]0 o8 P" r2 f Clement says PetroChina and its parent, PetroChina Co. Ltd., have( n, Y" {6 J* C+ l
made a number of significant commitments should they be allowed to / r* Y0 v& g5 ^7 n* Q/ _$ x0 facquire control of the MacKay and Dover oil sands projects. 8 p. p% e: C- {2 d Among other things, the Chinese concerns have agreed to capital $ A+ W5 E2 f3 c3 Wexpenditures in excess of $250 million for developing the properties8 Z8 l& m: Z5 i$ P, g. Q
over the next three years.* [% x* x7 k* d: W+ U/ C
They have also pledged to increase employment levels in Canada as B0 O9 l$ J0 Rthey develop the projects over the next three years and to maintain2 w- c2 }/ Y" S! h7 w
an Alberta head office for operating companies associated with the & J- \+ `' D& C' _projects for the next five years.$ ?( a6 m: F9 e9 b8 z' f0 M
(The Canadian Press)