OTTAWA - Ottawa has given its blessing to the sale of properties9 Q4 M# V" ~) E/ Y o
owned by Athabasca Oil Sands Corp. to a Chinese company. ( X" B* v7 U, N. G0 T8 e Federal Industry Minister Tony Clement says he has reviewed the % v2 c9 s; `! P% c3 m& j2 I% \deal between Athabasca and PetroChina International Investment Co.& c( y3 w( Z2 G4 @6 c6 Q
Ltd. and finds its is likely to be of net benefit to Canada./ t5 x) l! E' b `/ j
Clement says PetroChina and its parent, PetroChina Co. Ltd., have 2 m- i6 Y( s mmade a number of significant commitments should they be allowed to 9 m* Y- Y: N5 P5 `5 J# facquire control of the MacKay and Dover oil sands projects.6 R3 s( \6 U; t
Among other things, the Chinese concerns have agreed to capital |) X- e$ U+ B; p' R
expenditures in excess of $250 million for developing the properties + w4 u/ L6 F. B' Iover the next three years. 0 A$ b* G4 H* F8 W7 T s They have also pledged to increase employment levels in Canada as ! J# o( Y% J" U6 V+ ]# k R/ }they develop the projects over the next three years and to maintain1 C2 B/ t; g! {) Y" a
an Alberta head office for operating companies associated with the- `) A. |3 ?& Z4 E& j
projects for the next five years. + o/ s( e# B8 R; B1 a (The Canadian Press)