OTTAWA - Ottawa has given its blessing to the sale of properties 9 n2 u* ~" i0 b! b1 \. d6 N7 ~' Aowned by Athabasca Oil Sands Corp. to a Chinese company. + z( b! U6 n3 S2 F9 m6 U0 n Federal Industry Minister Tony Clement says he has reviewed the9 d7 ^0 f* r. F6 ~4 G
deal between Athabasca and PetroChina International Investment Co. w$ D6 U8 X9 F8 I( n$ ?8 o- ZLtd. and finds its is likely to be of net benefit to Canada. 1 o3 `8 P0 b3 s N+ P7 C# N Clement says PetroChina and its parent, PetroChina Co. Ltd., have , K8 _8 A; E2 Nmade a number of significant commitments should they be allowed to Q% O/ c; W. P8 m
acquire control of the MacKay and Dover oil sands projects.2 k* B: j' W0 W6 q3 V5 T
Among other things, the Chinese concerns have agreed to capital0 h/ D7 E- y/ P7 h% O! N0 @/ f' `
expenditures in excess of $250 million for developing the properties ; m& t. U" R: R3 n1 yover the next three years. * S! R! A( a+ i& Y They have also pledged to increase employment levels in Canada as " q0 z; A& U6 u& F1 q' c" athey develop the projects over the next three years and to maintain7 v& s# O `4 Q1 H7 l% B6 ~) ?
an Alberta head office for operating companies associated with the 2 b0 u8 S' t d( R% _; Xprojects for the next five years. / Q, E1 _7 F8 w8 I M# C# T& L0 C2 N (The Canadian Press)