OTTAWA - Ottawa has given its blessing to the sale of properties# H* T8 f! Q2 B3 k6 L3 p6 P
owned by Athabasca Oil Sands Corp. to a Chinese company. + m2 O( H% a" s v+ | Federal Industry Minister Tony Clement says he has reviewed the$ U. K. `6 s1 a4 z1 ?2 [
deal between Athabasca and PetroChina International Investment Co.4 w& P+ D* n" N
Ltd. and finds its is likely to be of net benefit to Canada. . c5 t% w5 `; L; N# [- Q, r Clement says PetroChina and its parent, PetroChina Co. Ltd., have p: y" k. @7 P% `9 e& w6 mmade a number of significant commitments should they be allowed to5 u4 {' X* {- @/ l* v6 k* \
acquire control of the MacKay and Dover oil sands projects. 2 @$ X5 X# d# g; O) k; f Among other things, the Chinese concerns have agreed to capital ' x# I) M# p1 `4 S) H; r' ?expenditures in excess of $250 million for developing the properties & H( G2 n5 z1 z+ W) G. }! n1 _5 }0 Bover the next three years.6 V6 Q3 j. N4 l; V3 v. R( {8 y
They have also pledged to increase employment levels in Canada as' s. l1 ~0 @! @6 G7 n1 d( l
they develop the projects over the next three years and to maintain6 u2 `2 I( C K* I9 X
an Alberta head office for operating companies associated with the( `: B4 E0 H1 n: d" [5 \
projects for the next five years. ' C4 r0 Y7 ]0 y0 m (The Canadian Press)