OTTAWA - Ottawa has given its blessing to the sale of properties 4 y; F0 ?8 F: g$ h P1 {owned by Athabasca Oil Sands Corp. to a Chinese company. $ b: Y) J* H9 K2 R1 n Federal Industry Minister Tony Clement says he has reviewed the9 P7 b) X. x4 @4 z
deal between Athabasca and PetroChina International Investment Co. 5 z# r0 B# E" x1 l( G- H% U3 nLtd. and finds its is likely to be of net benefit to Canada. . J/ s3 U2 w }% p Clement says PetroChina and its parent, PetroChina Co. Ltd., have ' i) }( f; k/ K+ _" ]$ p( kmade a number of significant commitments should they be allowed to& o- v7 J6 ?: t- J0 o
acquire control of the MacKay and Dover oil sands projects. 8 F6 P. P, ^8 y( }- S; ?6 ~$ O9 c/ {7 W Among other things, the Chinese concerns have agreed to capital * o5 F/ }. R K% mexpenditures in excess of $250 million for developing the properties ( \% c/ X. ~/ D4 Vover the next three years.2 R4 b$ a* {7 W# a/ h
They have also pledged to increase employment levels in Canada as ! ]3 |6 @( t& Z2 Wthey develop the projects over the next three years and to maintain - m4 T. |& } {2 F1 Q; S2 J% c; Q1 Van Alberta head office for operating companies associated with the 7 c( p2 x8 g9 Q9 u+ Z& e% S# l+ bprojects for the next five years.' l% |' j" s5 F- r! ~
(The Canadian Press)