OTTAWA - Ottawa has given its blessing to the sale of properties 1 ]; H7 U0 J- a% x5 O2 mowned by Athabasca Oil Sands Corp. to a Chinese company.3 L) Q- O' K, M
Federal Industry Minister Tony Clement says he has reviewed the& a$ w" S" l2 j) D3 }* o
deal between Athabasca and PetroChina International Investment Co. - [0 U5 R0 l. g8 _Ltd. and finds its is likely to be of net benefit to Canada.7 S o& U" `5 c0 f0 z9 _+ l( _4 p
Clement says PetroChina and its parent, PetroChina Co. Ltd., have # [! A# z0 C& f5 b; C% p; W5 Gmade a number of significant commitments should they be allowed to d+ L( \5 i0 J$ r6 k9 E# _
acquire control of the MacKay and Dover oil sands projects. : E2 _) D+ m) n Among other things, the Chinese concerns have agreed to capital 9 e/ u* L8 r; K2 zexpenditures in excess of $250 million for developing the properties 1 d5 ]% O* N0 Z1 ~1 Jover the next three years.$ a- D! r' G8 \" K
They have also pledged to increase employment levels in Canada as) G. U' y# p& G) ?7 G/ m
they develop the projects over the next three years and to maintain* ]4 J0 l3 M& W" A
an Alberta head office for operating companies associated with the 8 W3 G. k" w1 L8 Y! F+ G6 ] ]projects for the next five years.% l- Z$ C* K0 j) C) ^
(The Canadian Press)