OTTAWA - Ottawa has given its blessing to the sale of properties ' o& E7 {2 `: f4 a7 V( n. E3 J9 C/ |/ Jowned by Athabasca Oil Sands Corp. to a Chinese company.8 |7 {, c3 _; G" a8 w
Federal Industry Minister Tony Clement says he has reviewed the2 @7 N3 L. R' O
deal between Athabasca and PetroChina International Investment Co. + A( N9 J( m$ T& K# ?- q3 i1 gLtd. and finds its is likely to be of net benefit to Canada.1 n0 {$ J2 G; X. V
Clement says PetroChina and its parent, PetroChina Co. Ltd., have V! T3 R' |' A
made a number of significant commitments should they be allowed to* Y* r* w5 `/ [& V I
acquire control of the MacKay and Dover oil sands projects. * d N2 V# e9 X, @9 G Among other things, the Chinese concerns have agreed to capital 7 p2 X& Y- `2 m8 U$ l5 N5 Hexpenditures in excess of $250 million for developing the properties0 r t: Z1 S/ x' ?; C7 _1 Z
over the next three years.$ t6 s; M3 @/ {) q
They have also pledged to increase employment levels in Canada as , g9 p9 X) C( o+ d# Bthey develop the projects over the next three years and to maintain; Z8 D% q) X0 A$ Z0 h. e
an Alberta head office for operating companies associated with the; G& B6 e) K8 B$ Y
projects for the next five years.; A3 Q6 U4 v+ g
(The Canadian Press)