OTTAWA - Ottawa has given its blessing to the sale of properties5 y* E$ n7 Y- G ?
owned by Athabasca Oil Sands Corp. to a Chinese company. 0 s1 k- s. v% ]+ ]# n2 @ Federal Industry Minister Tony Clement says he has reviewed the 7 s* @7 v: |% jdeal between Athabasca and PetroChina International Investment Co. Q: P) p8 t% {7 S
Ltd. and finds its is likely to be of net benefit to Canada. 2 a8 p$ L+ c# ]: J Clement says PetroChina and its parent, PetroChina Co. Ltd., have - D2 W0 ~% Y$ W# ^2 n; h; \made a number of significant commitments should they be allowed to6 o9 N( T! ~" ]: @8 y2 d
acquire control of the MacKay and Dover oil sands projects. " Y$ N+ {+ ` d( w# j* k Among other things, the Chinese concerns have agreed to capital 1 ^" `2 M' y1 ]. S) H0 g5 h Uexpenditures in excess of $250 million for developing the properties7 f8 i5 T0 |: k" L$ P: S) N2 E- s& u
over the next three years.- I# q- i7 d2 n+ N( X
They have also pledged to increase employment levels in Canada as 8 M/ r7 F, d) H6 Dthey develop the projects over the next three years and to maintain1 B4 j- _3 n1 L: W9 [8 S
an Alberta head office for operating companies associated with the' ]) L2 B! q* a4 K! k( w) r
projects for the next five years.! Y. a* g# L y3 o' z: o! }3 v- D
(The Canadian Press)