OTTAWA - Ottawa has given its blessing to the sale of properties " h0 f# i! M/ P% e( ~owned by Athabasca Oil Sands Corp. to a Chinese company.) W6 h( W2 U, A- v4 h* |3 c
Federal Industry Minister Tony Clement says he has reviewed the 6 Y* x' n/ `- Y" c1 Ldeal between Athabasca and PetroChina International Investment Co.' Y( g2 t' _+ Z& f
Ltd. and finds its is likely to be of net benefit to Canada. * Z9 v7 Q4 N2 u( |/ Z) O Clement says PetroChina and its parent, PetroChina Co. Ltd., have # u! o" C* f& q+ }& ?made a number of significant commitments should they be allowed to( {, m2 @2 S3 C0 H8 g& n
acquire control of the MacKay and Dover oil sands projects. 8 M$ k' \" r7 F7 ~& S" V( V Among other things, the Chinese concerns have agreed to capital$ }; X$ f- c9 k7 k: ^7 T& f9 k
expenditures in excess of $250 million for developing the properties 2 ]: Z a1 ?. j* H% n6 W# @3 Pover the next three years.7 L! i$ p5 T' @) x5 [0 W: w$ i6 |
They have also pledged to increase employment levels in Canada as7 j4 P# O* J# J, |8 ?; j; n8 C
they develop the projects over the next three years and to maintain) i+ k) _1 @8 f/ s. a
an Alberta head office for operating companies associated with the) [% W3 f) x t: R6 u. `* z
projects for the next five years.3 l0 K% h& a! N7 E9 V# Z
(The Canadian Press)