OTTAWA - Ottawa has given its blessing to the sale of properties " C6 Q4 }2 y" x0 vowned by Athabasca Oil Sands Corp. to a Chinese company." G6 l8 ^" u$ P C7 x
Federal Industry Minister Tony Clement says he has reviewed the$ y! x2 w. q2 h# x, {; V
deal between Athabasca and PetroChina International Investment Co. R$ K6 _# b( I R8 k) v* RLtd. and finds its is likely to be of net benefit to Canada. " ^& Y2 Z" s% W* Z S' I; m3 A) b" B Clement says PetroChina and its parent, PetroChina Co. Ltd., have ( f5 X0 Q3 |0 a9 ~made a number of significant commitments should they be allowed to / a! F Y2 Q. v4 ~' Gacquire control of the MacKay and Dover oil sands projects.( a. M; x8 f6 u; o
Among other things, the Chinese concerns have agreed to capital6 c. b% Q m" R7 r( q2 h! X) C
expenditures in excess of $250 million for developing the properties. A) N# e' e P) X6 C
over the next three years.9 ]$ i% z9 V. w' a7 T
They have also pledged to increase employment levels in Canada as! r9 i2 B7 [( P3 w/ W, |* h
they develop the projects over the next three years and to maintain: g# Z0 Q2 I. x# h* P+ x7 Y
an Alberta head office for operating companies associated with the 9 b( r$ b/ Y9 y$ b9 ]projects for the next five years. + r6 P! P& G* i- O (The Canadian Press)