OTTAWA - Ottawa has given its blessing to the sale of properties " J" h* T6 X6 p# _- P0 n0 u( ]owned by Athabasca Oil Sands Corp. to a Chinese company.& ^1 S0 s2 l. ~1 ]/ s
Federal Industry Minister Tony Clement says he has reviewed the - D& z3 j6 L; E7 l/ p O Mdeal between Athabasca and PetroChina International Investment Co.6 E$ D3 H# d6 e$ g7 t4 E( \
Ltd. and finds its is likely to be of net benefit to Canada.8 S5 V! ^; T- x' i1 E6 X" e# g) Q
Clement says PetroChina and its parent, PetroChina Co. Ltd., have) h1 e. h" ^6 t5 U9 p. I
made a number of significant commitments should they be allowed to + S. V9 B; [) L' ]7 p2 H$ Oacquire control of the MacKay and Dover oil sands projects.0 p& E2 v& L) r% j8 b
Among other things, the Chinese concerns have agreed to capital ' Y7 u- n% U. K+ r/ o! @expenditures in excess of $250 million for developing the properties ( z6 h7 {4 M0 Hover the next three years.( o( |3 U( f j0 a- {8 m g2 v
They have also pledged to increase employment levels in Canada as+ a2 A3 x F4 `* K) }
they develop the projects over the next three years and to maintain. C& u% x' y" _" U6 E& D% s
an Alberta head office for operating companies associated with the ! y! b1 R; {5 C# d. wprojects for the next five years. 8 y4 m4 r2 n X) M2 e* @, ] (The Canadian Press)