OTTAWA - Ottawa has given its blessing to the sale of properties 9 v y8 L2 p2 w; _7 fowned by Athabasca Oil Sands Corp. to a Chinese company.: G( L( c# x* a3 D* R
Federal Industry Minister Tony Clement says he has reviewed the / R4 [( J( D6 A2 A) M7 p T- \deal between Athabasca and PetroChina International Investment Co. . U6 {2 k' ~# H1 NLtd. and finds its is likely to be of net benefit to Canada.5 w' m8 {* o1 k, f
Clement says PetroChina and its parent, PetroChina Co. Ltd., have4 ~3 K! u$ F7 t) u% Y
made a number of significant commitments should they be allowed to ( ~7 q N J/ eacquire control of the MacKay and Dover oil sands projects.) P p' }9 H8 K1 [6 r# ?- E
Among other things, the Chinese concerns have agreed to capital + H5 f! z- g8 i p8 \9 @+ Oexpenditures in excess of $250 million for developing the properties 4 R8 Q& y' k9 ~+ Q. Y. l! ]( Tover the next three years." L8 L# f, f' j- \3 S
They have also pledged to increase employment levels in Canada as - w. T0 V5 | Q/ S+ D& S% q1 B% cthey develop the projects over the next three years and to maintain & ?4 Z8 x0 g! Dan Alberta head office for operating companies associated with the2 L& e2 a" X5 M6 a
projects for the next five years. ) J1 O/ N3 {- o/ [4 ]8 g (The Canadian Press)