OTTAWA - Ottawa has given its blessing to the sale of properties& @2 k9 ~0 n. z3 w3 [3 l5 V/ t
owned by Athabasca Oil Sands Corp. to a Chinese company." Z* r- P0 Q: d9 o" u
Federal Industry Minister Tony Clement says he has reviewed the# u% u% a& G: f: U- ]
deal between Athabasca and PetroChina International Investment Co. ) K5 G$ }3 E: ~Ltd. and finds its is likely to be of net benefit to Canada.+ W. K4 J# I: J$ r6 e
Clement says PetroChina and its parent, PetroChina Co. Ltd., have4 u2 w+ v3 o4 B( ^ a& [6 h+ O
made a number of significant commitments should they be allowed to: X8 F% I) `" W
acquire control of the MacKay and Dover oil sands projects. 0 V' F3 M2 M4 n! Z$ x% v" ?/ i Among other things, the Chinese concerns have agreed to capital & m% S& g, f6 p1 Jexpenditures in excess of $250 million for developing the properties a! ] H5 F; i9 E& C3 `( P7 M
over the next three years.( k' h) c; e+ x: b! {6 J
They have also pledged to increase employment levels in Canada as/ B3 s' @: r- V+ A4 T. V/ m3 J
they develop the projects over the next three years and to maintain * N* t: O0 S/ Can Alberta head office for operating companies associated with the / V' v% D: P; l* x9 L! E- i# fprojects for the next five years.' U& I' }+ y5 m( S" B
(The Canadian Press)