OTTAWA - Ottawa has given its blessing to the sale of properties 4 U# l1 `* p1 f! h! Gowned by Athabasca Oil Sands Corp. to a Chinese company. : b. K- ]4 `3 N/ [; A Federal Industry Minister Tony Clement says he has reviewed the : H! {% {0 _7 T0 k1 vdeal between Athabasca and PetroChina International Investment Co. ' V9 n, r3 A6 B1 nLtd. and finds its is likely to be of net benefit to Canada. - V3 a# J7 Q! o' C Clement says PetroChina and its parent, PetroChina Co. Ltd., have / ?" r5 D9 j3 e( w& mmade a number of significant commitments should they be allowed to8 [' R9 U5 t7 B* u* }6 S- w
acquire control of the MacKay and Dover oil sands projects.7 R9 `4 S9 G' t& M- o' k5 X
Among other things, the Chinese concerns have agreed to capital* Y6 R4 l6 I; O: r
expenditures in excess of $250 million for developing the properties4 ?8 g7 y) v0 H0 ]% \& m
over the next three years.) G' a2 ^, s Z* Y" K! j8 t
They have also pledged to increase employment levels in Canada as' h& r2 v! y5 f0 g7 i
they develop the projects over the next three years and to maintain ' N2 A8 Y* I6 K0 \an Alberta head office for operating companies associated with the" G" I" A n; K! D$ v. Y
projects for the next five years.6 a* G5 H5 h1 `8 ^9 m) T
(The Canadian Press)