OTTAWA - Ottawa has given its blessing to the sale of properties5 Q [7 R9 X7 z
owned by Athabasca Oil Sands Corp. to a Chinese company. # x; B2 B3 a/ [5 z Federal Industry Minister Tony Clement says he has reviewed the0 E: k$ G% K1 T: v! G
deal between Athabasca and PetroChina International Investment Co. 6 ~5 s1 W4 @7 Q: B8 [ ^3 d- H# |Ltd. and finds its is likely to be of net benefit to Canada. # Y. E- s4 b2 c Clement says PetroChina and its parent, PetroChina Co. Ltd., have 6 @6 q( t# D+ Omade a number of significant commitments should they be allowed to. d/ L' I- N. T! o, I+ s
acquire control of the MacKay and Dover oil sands projects.) C5 D1 A/ B* O' ]7 Z- i' u
Among other things, the Chinese concerns have agreed to capital8 V3 p2 B' v0 d3 m6 D, H
expenditures in excess of $250 million for developing the properties6 @% @; j2 Z- @- a. B7 J
over the next three years.6 H. ]+ M" Q8 M
They have also pledged to increase employment levels in Canada as 4 V* u5 b! ]: s- H' _& \they develop the projects over the next three years and to maintain " Y9 r& f* h0 x( _ K$ Lan Alberta head office for operating companies associated with the l$ P/ v* S$ qprojects for the next five years. 9 x% ]3 W2 j# @: \ _# v (The Canadian Press)