OTTAWA - Ottawa has given its blessing to the sale of properties: s; c0 u9 I+ y M. T
owned by Athabasca Oil Sands Corp. to a Chinese company. " S, f# D" G1 z+ d; K$ f) y Federal Industry Minister Tony Clement says he has reviewed the . C% E8 w1 |( D0 @deal between Athabasca and PetroChina International Investment Co. 7 K. L3 G' b. p7 wLtd. and finds its is likely to be of net benefit to Canada.6 @5 |4 I% m4 ~
Clement says PetroChina and its parent, PetroChina Co. Ltd., have# F9 n2 E- `8 R$ K! n+ c
made a number of significant commitments should they be allowed to7 G& n# W( T: @2 k7 e5 \
acquire control of the MacKay and Dover oil sands projects. " d$ W! c. B6 F/ o5 N& M) N Among other things, the Chinese concerns have agreed to capital1 y) S- E& y; z7 ^
expenditures in excess of $250 million for developing the properties4 H \& ]. M7 T6 Q: f
over the next three years. ; C+ f2 H2 d9 s, |- g# O# r They have also pledged to increase employment levels in Canada as ) f- I5 ?; z* x: lthey develop the projects over the next three years and to maintain " n$ H7 w; i# T4 w1 C$ Gan Alberta head office for operating companies associated with the$ }5 x3 z! f& D G/ S& Z- j
projects for the next five years./ Z. r2 F8 _7 I. f7 f! S
(The Canadian Press)