OTTAWA - Ottawa has given its blessing to the sale of properties : y3 K- b; {( u ?& R" ?+ \owned by Athabasca Oil Sands Corp. to a Chinese company. , F0 a. ^% |' E+ O# n: e Federal Industry Minister Tony Clement says he has reviewed the 9 x4 c# {' e+ c; t) Vdeal between Athabasca and PetroChina International Investment Co.; }) d) r3 S" m* q/ i6 ~6 U
Ltd. and finds its is likely to be of net benefit to Canada.- }! P& Y0 {0 `, [5 g/ l% L
Clement says PetroChina and its parent, PetroChina Co. Ltd., have8 e1 I5 u& f6 i; J1 z4 y
made a number of significant commitments should they be allowed to9 J. {7 k+ r1 L; M/ H0 P4 M
acquire control of the MacKay and Dover oil sands projects. ! ~9 P" [' e# ]# x3 ^( W ?+ i Among other things, the Chinese concerns have agreed to capital; f; n4 C' f$ y) g) r" S* P
expenditures in excess of $250 million for developing the properties ) [. N8 z; G0 V) Vover the next three years. ; D7 x; I: i* Q. P X- V They have also pledged to increase employment levels in Canada as5 w- c0 A) ?% w: h' ]8 u- S# m
they develop the projects over the next three years and to maintain : E) B) E; U" N v+ jan Alberta head office for operating companies associated with the; k& X+ {; J1 G( J
projects for the next five years. D; ^( b- c; _; O7 P4 h (The Canadian Press)