OTTAWA - Ottawa has given its blessing to the sale of properties, k4 x2 p$ h' k# q7 y8 L) K: j
owned by Athabasca Oil Sands Corp. to a Chinese company. `: Z8 G3 V) m) X1 d/ P9 a9 c3 f
Federal Industry Minister Tony Clement says he has reviewed the& l& T; n! l/ B- Q& v! {
deal between Athabasca and PetroChina International Investment Co.% m. s9 {% y( M* Q4 u9 b
Ltd. and finds its is likely to be of net benefit to Canada. & r2 B8 I# d/ L- ]1 f* s( M Clement says PetroChina and its parent, PetroChina Co. Ltd., have) c" p9 }5 Z, y
made a number of significant commitments should they be allowed to % \+ M6 G9 O- W: x* yacquire control of the MacKay and Dover oil sands projects. # f( K4 y& I" T# g0 A% c Among other things, the Chinese concerns have agreed to capital. x/ E. }3 K+ g- [- l4 g7 u% M& P
expenditures in excess of $250 million for developing the properties - B- m& a* M# \4 }( `6 p7 Eover the next three years.3 v' A0 N! w! }# X6 z/ h
They have also pledged to increase employment levels in Canada as5 E* V/ Q2 k8 O+ ?# F
they develop the projects over the next three years and to maintain2 m/ o& B# i. H9 C% {
an Alberta head office for operating companies associated with the 7 x: p6 a; M6 x7 K. r" m* uprojects for the next five years.1 C7 W) _: S" r7 V! y
(The Canadian Press)