OTTAWA - Ottawa has given its blessing to the sale of properties 3 p0 `$ o) @/ l' c* zowned by Athabasca Oil Sands Corp. to a Chinese company.2 t/ T+ } w% a+ v) L W
Federal Industry Minister Tony Clement says he has reviewed the / P$ U( ]% k9 @0 V: C G. jdeal between Athabasca and PetroChina International Investment Co." |" h) U% A3 y. S0 V& C4 h# ]# \
Ltd. and finds its is likely to be of net benefit to Canada. # y! ~7 @) H2 m Clement says PetroChina and its parent, PetroChina Co. Ltd., have) w4 X5 M5 i* \& V0 Z! G3 x- W
made a number of significant commitments should they be allowed to" ?2 u* o+ t4 t
acquire control of the MacKay and Dover oil sands projects. 0 A* A1 C7 u6 d2 N' A. V! \ Among other things, the Chinese concerns have agreed to capital 4 ~ a3 J" e. Z, Z+ K& m/ t0 }expenditures in excess of $250 million for developing the properties 2 _' B0 U$ @. r& Y x Oover the next three years. 5 L/ [- q9 c3 B6 d4 y! I# Q7 Z) G- q They have also pledged to increase employment levels in Canada as- n* u8 B* e; G2 `$ H0 Y& A
they develop the projects over the next three years and to maintain * B( J& E- T2 f3 T2 B* ean Alberta head office for operating companies associated with the3 X# C( B; Q# i6 N! ]; U
projects for the next five years.8 L4 X; n) ^0 S1 t1 i/ Q% {9 T) k5 L
(The Canadian Press)