OTTAWA - Ottawa has given its blessing to the sale of properties 6 h0 w% I* b. @5 U% n w9 Zowned by Athabasca Oil Sands Corp. to a Chinese company. & H2 F4 j( [9 l6 ?; M D Federal Industry Minister Tony Clement says he has reviewed the ) m* P. }1 c& M3 y# Ldeal between Athabasca and PetroChina International Investment Co.6 c7 r* l/ J. x. [% J8 f' A
Ltd. and finds its is likely to be of net benefit to Canada. : a t# Q8 C8 \% |1 _! D0 W3 \ Clement says PetroChina and its parent, PetroChina Co. Ltd., have M* V. ?, r5 p8 m
made a number of significant commitments should they be allowed to# e* L7 K8 z5 n/ y
acquire control of the MacKay and Dover oil sands projects. " g/ p% @) y( ~7 m7 U9 L Among other things, the Chinese concerns have agreed to capital ; Z& L% q' W3 f1 _# o" l: a* V+ b3 texpenditures in excess of $250 million for developing the properties + Q: ]1 g* W$ C% iover the next three years.0 X3 c. ?: u8 ?
They have also pledged to increase employment levels in Canada as+ ~/ c" d' |7 W7 x* l( ^
they develop the projects over the next three years and to maintain0 Z1 ?3 o/ j( [
an Alberta head office for operating companies associated with the 9 e2 i. {- P4 }8 Z4 {5 L. S/ {( Qprojects for the next five years.8 X& O! i6 {$ d( B; M. o
(The Canadian Press)