OTTAWA - Ottawa has given its blessing to the sale of properties; M: m! T4 J) [
owned by Athabasca Oil Sands Corp. to a Chinese company. ( c B+ ]' R J B1 c Federal Industry Minister Tony Clement says he has reviewed the % t5 j4 Q1 f: |" e2 c2 F. mdeal between Athabasca and PetroChina International Investment Co.9 r Y3 k# h% h7 d
Ltd. and finds its is likely to be of net benefit to Canada. 8 |8 {8 C/ s3 c+ l2 V Clement says PetroChina and its parent, PetroChina Co. Ltd., have9 z: |/ Y7 [! P5 e
made a number of significant commitments should they be allowed to: M% }8 Y( u/ M# G2 r$ q# b
acquire control of the MacKay and Dover oil sands projects.- O* R |) M c. Q2 D/ F
Among other things, the Chinese concerns have agreed to capital( j4 ~( I7 J3 e7 X; l
expenditures in excess of $250 million for developing the properties+ G! p. D# @2 }/ M/ j5 x
over the next three years. ; N) x/ O" |8 H& ?7 d They have also pledged to increase employment levels in Canada as4 Q! ]+ _; h7 V9 y: [
they develop the projects over the next three years and to maintain # t h. T# y1 Q4 d: M3 lan Alberta head office for operating companies associated with the & G3 K: c9 |" G) ]8 `projects for the next five years. 1 g% ^0 K$ B+ b- N (The Canadian Press)