OTTAWA - Ottawa has given its blessing to the sale of properties3 q* H$ M: B+ g" G, a
owned by Athabasca Oil Sands Corp. to a Chinese company.2 z, s9 y6 {- Q! o" S4 h
Federal Industry Minister Tony Clement says he has reviewed the% c3 Y; F: P7 U: S
deal between Athabasca and PetroChina International Investment Co. 1 R; i$ S9 r) A3 x9 HLtd. and finds its is likely to be of net benefit to Canada. . W7 B5 c; H9 J/ C Clement says PetroChina and its parent, PetroChina Co. Ltd., have 8 K8 P+ x8 I5 K" _1 Wmade a number of significant commitments should they be allowed to7 W( M7 l2 i. y1 Q' Y% g3 n& Q$ `2 N. J
acquire control of the MacKay and Dover oil sands projects. ( E6 N3 T8 x1 i Q. g Among other things, the Chinese concerns have agreed to capital; T+ d! G4 u) y3 q8 L
expenditures in excess of $250 million for developing the properties T+ b: r4 X; o' A( N4 C$ mover the next three years.$ q) \4 G! m5 A! A9 f2 A% L
They have also pledged to increase employment levels in Canada as- u) L# ~ @( G2 O; f3 j; W
they develop the projects over the next three years and to maintain 2 E( I+ e+ H4 \$ {# Zan Alberta head office for operating companies associated with the & U: v3 V: U+ l$ g# V( Aprojects for the next five years.8 c' h+ ^/ T& T2 b8 e% V
(The Canadian Press)