OTTAWA - Ottawa has given its blessing to the sale of properties 8 H- `# V3 S/ ^7 [! s- ]* m; v v) }owned by Athabasca Oil Sands Corp. to a Chinese company. " O( g4 s# \# E" L& L ] r: @ Federal Industry Minister Tony Clement says he has reviewed the / T. w$ B) z6 P) s- J0 s2 ^deal between Athabasca and PetroChina International Investment Co. - J1 u$ m. ~( b5 E% RLtd. and finds its is likely to be of net benefit to Canada.& x( ~1 b' z2 l5 R1 Q; ]+ c6 R
Clement says PetroChina and its parent, PetroChina Co. Ltd., have ( J* ?1 m7 q) h" S/ b% Q' Q9 ]7 {made a number of significant commitments should they be allowed to2 s# H5 ^- \' I0 X
acquire control of the MacKay and Dover oil sands projects. & ?* x: T+ J, R; z2 q" ~; M- h+ b) n Among other things, the Chinese concerns have agreed to capital " w. O% f+ g; Z" I2 _. b& }expenditures in excess of $250 million for developing the properties0 r( }! M4 v3 P4 f/ r h
over the next three years.+ [5 H3 g( Q/ j, _8 V7 N3 p
They have also pledged to increase employment levels in Canada as ! J9 N- E6 M5 f" ~they develop the projects over the next three years and to maintain % E& I0 t3 V7 e) }# m% }( w; X# Ian Alberta head office for operating companies associated with the : i/ f3 [0 L5 Y6 pprojects for the next five years. . B2 K \2 ^' R' E* h' E- ~0 p (The Canadian Press)