OTTAWA - Ottawa has given its blessing to the sale of properties * i4 K+ i( N6 ], ?4 J% C+ s8 x; yowned by Athabasca Oil Sands Corp. to a Chinese company.7 i' n; a' j+ y, C6 g
Federal Industry Minister Tony Clement says he has reviewed the! u* Z2 a# K6 t. Y
deal between Athabasca and PetroChina International Investment Co. $ x1 K Z" T5 ?" e0 J* Y$ C. TLtd. and finds its is likely to be of net benefit to Canada. 7 S2 i7 C& x/ Y$ Z$ \) C! P0 H6 L% |* w Clement says PetroChina and its parent, PetroChina Co. Ltd., have* v- G! }& w9 O
made a number of significant commitments should they be allowed to" Q, [1 z* O. x1 B9 W
acquire control of the MacKay and Dover oil sands projects.) K4 L, |: ~* M; w/ y% S
Among other things, the Chinese concerns have agreed to capital" m. b* h: p' [7 X% I
expenditures in excess of $250 million for developing the properties M0 z& k! q H$ W% N, Z
over the next three years." `8 e) s8 k0 m5 Z1 p
They have also pledged to increase employment levels in Canada as 1 I4 r) o! v5 J) `) [$ G' C$ |they develop the projects over the next three years and to maintain 1 E9 g3 T- G/ j! c" Aan Alberta head office for operating companies associated with the ! ^: F0 Q* O" _7 P- x$ o% g5 wprojects for the next five years.: R$ `' [ }1 }4 b
(The Canadian Press)