OTTAWA - Ottawa has given its blessing to the sale of properties # g4 C1 _/ b2 |+ Jowned by Athabasca Oil Sands Corp. to a Chinese company. % [( D: H8 P z& j0 K Federal Industry Minister Tony Clement says he has reviewed the) Q" b Q3 @& i. n( ?
deal between Athabasca and PetroChina International Investment Co.# G0 ^9 j& W9 o( C; Y1 W7 q4 `
Ltd. and finds its is likely to be of net benefit to Canada.- M/ q$ `3 ]3 }' {. c
Clement says PetroChina and its parent, PetroChina Co. Ltd., have, ]) T7 P0 d' L* a
made a number of significant commitments should they be allowed to8 b2 N4 V1 l$ N
acquire control of the MacKay and Dover oil sands projects. , e: W7 G5 C" T' [+ X Among other things, the Chinese concerns have agreed to capital # `3 _* `5 d8 [2 W' J. q. bexpenditures in excess of $250 million for developing the properties; F+ g' {. `1 {) o0 l3 ~
over the next three years.# b: i( e6 j: {$ s5 ]/ q' F4 B
They have also pledged to increase employment levels in Canada as * \# P0 d4 W' j/ V! s. Vthey develop the projects over the next three years and to maintain1 k" R! R7 E: m9 B( V& W w
an Alberta head office for operating companies associated with the : D4 N& q; ^0 x: Eprojects for the next five years. ; v0 V( t3 Y$ C1 [ (The Canadian Press)