OTTAWA - Ottawa has given its blessing to the sale of properties 2 V$ J/ P2 }2 @) yowned by Athabasca Oil Sands Corp. to a Chinese company.. ~ a1 f3 U/ D% y
Federal Industry Minister Tony Clement says he has reviewed the # S' N) n2 T: E5 Udeal between Athabasca and PetroChina International Investment Co.: M4 O: P7 I1 p* D$ [
Ltd. and finds its is likely to be of net benefit to Canada.6 v% Z# K9 M; A/ Y3 o
Clement says PetroChina and its parent, PetroChina Co. Ltd., have- y/ e% l) I. c- B, h& u/ i+ }
made a number of significant commitments should they be allowed to! v3 D- a2 L1 P. Q$ O% M
acquire control of the MacKay and Dover oil sands projects.# V- ` k) A' x. V2 _
Among other things, the Chinese concerns have agreed to capital 4 q* b L. k% G# pexpenditures in excess of $250 million for developing the properties / J$ @9 D7 S) m" Hover the next three years. 3 |9 Q. q S4 m1 v Q. g They have also pledged to increase employment levels in Canada as 2 E$ x8 V- a! C5 tthey develop the projects over the next three years and to maintain 5 l& {' u# [. h: h" r) Z" d" S' Zan Alberta head office for operating companies associated with the + G: x. w- t7 oprojects for the next five years. ! v% @( f4 ^& l+ v% S0 k (The Canadian Press)