OTTAWA - Ottawa has given its blessing to the sale of properties # G# k: C( ^$ E6 powned by Athabasca Oil Sands Corp. to a Chinese company.( u0 b4 @) O/ t$ ~$ f
Federal Industry Minister Tony Clement says he has reviewed the4 k9 L) ] B& Q/ H8 Z( @
deal between Athabasca and PetroChina International Investment Co. 9 O9 T: e( ]9 M$ ^7 O+ S5 VLtd. and finds its is likely to be of net benefit to Canada.; ^# y6 Z3 k3 V/ c3 y
Clement says PetroChina and its parent, PetroChina Co. Ltd., have $ ~# p: l5 \2 A0 M/ K, Ymade a number of significant commitments should they be allowed to 4 i! b8 h; d2 G5 O1 qacquire control of the MacKay and Dover oil sands projects.1 a/ v7 {( Z- `+ Y
Among other things, the Chinese concerns have agreed to capital4 H! L/ `: _1 F) X9 P* I2 ~% q
expenditures in excess of $250 million for developing the properties) D# j2 t% m H( E
over the next three years. 0 |- P& \7 l% s5 i5 l They have also pledged to increase employment levels in Canada as4 E7 e2 `" O% p" e% i c3 e
they develop the projects over the next three years and to maintain3 L; {. G. O5 q) X/ T
an Alberta head office for operating companies associated with the2 J4 q7 M i$ \; V+ e' l6 I
projects for the next five years.- M" z4 N% M8 r0 P3 i9 U
(The Canadian Press)