OTTAWA - Ottawa has given its blessing to the sale of properties# a: s9 y' Y8 `' k" m6 m" N" `3 [
owned by Athabasca Oil Sands Corp. to a Chinese company. . m# O$ z8 _' U" h$ q Federal Industry Minister Tony Clement says he has reviewed the' x3 x7 g% G5 Y. {' {: S* e; g6 ~4 l
deal between Athabasca and PetroChina International Investment Co. 2 A0 T7 u3 H! ^, } K4 xLtd. and finds its is likely to be of net benefit to Canada. ! Q5 F6 [) i% z# x& Z Clement says PetroChina and its parent, PetroChina Co. Ltd., have 7 j9 {; R8 x) ^8 r* J/ a3 vmade a number of significant commitments should they be allowed to& r& D* E( u: b; j
acquire control of the MacKay and Dover oil sands projects.- V6 r- `5 f; p Q% I- f- v! {$ K- W
Among other things, the Chinese concerns have agreed to capital3 a8 V6 m6 ^7 S* z q* U* o
expenditures in excess of $250 million for developing the properties/ V% n& Y" }2 r% i
over the next three years. ) q& e6 [+ e g/ X5 ] They have also pledged to increase employment levels in Canada as$ M& o9 D9 ?* @/ C
they develop the projects over the next three years and to maintain! \; f' |4 Q: B) F- z
an Alberta head office for operating companies associated with the: ?' d+ g* Q) c$ y5 u
projects for the next five years. 8 m, O2 u2 i- \% y" K& A (The Canadian Press)