OTTAWA - Ottawa has given its blessing to the sale of properties 2 R2 Z; p5 {- `* w xowned by Athabasca Oil Sands Corp. to a Chinese company. . }( T8 X: ^$ b; z* [4 z1 \/ ~1 I Federal Industry Minister Tony Clement says he has reviewed the + G; E! y9 q4 X7 i; w4 P% cdeal between Athabasca and PetroChina International Investment Co. ) V9 w; w& |& |; u* _Ltd. and finds its is likely to be of net benefit to Canada.( u! ^0 {/ w; t& m% ?7 H; B
Clement says PetroChina and its parent, PetroChina Co. Ltd., have, i5 t+ I6 G0 j. l8 G: u
made a number of significant commitments should they be allowed to; z) L q, p$ F2 S5 r& t4 H
acquire control of the MacKay and Dover oil sands projects.! M% H' f8 X/ _
Among other things, the Chinese concerns have agreed to capital. l$ _. S/ y+ q
expenditures in excess of $250 million for developing the properties ; Z! J; ^, ^& v8 H3 z3 ]over the next three years. 0 N. Q( o m4 s+ _3 X g They have also pledged to increase employment levels in Canada as4 A$ D0 v% a+ E% ]3 C
they develop the projects over the next three years and to maintain 1 }2 r0 d: F# {an Alberta head office for operating companies associated with the * _( [# a1 E4 n! Eprojects for the next five years. " r* x# e2 p( c9 _" {: \& \ (The Canadian Press)