OTTAWA - Ottawa has given its blessing to the sale of properties ; [; R% p- N* Powned by Athabasca Oil Sands Corp. to a Chinese company. & @9 O9 Y- k0 N" f4 [7 I( o Federal Industry Minister Tony Clement says he has reviewed the9 {3 G) ~9 _0 a) }2 Z0 Y. s+ z" Y
deal between Athabasca and PetroChina International Investment Co. }+ v0 C8 ^* Y- J: Z; W$ _Ltd. and finds its is likely to be of net benefit to Canada.2 }: R0 F# h* N
Clement says PetroChina and its parent, PetroChina Co. Ltd., have' x* J0 R& X* v; i( H- C
made a number of significant commitments should they be allowed to2 A- n! R0 g2 f6 m
acquire control of the MacKay and Dover oil sands projects.2 y+ T F% a! F
Among other things, the Chinese concerns have agreed to capital& w9 B; [' W( E' R U
expenditures in excess of $250 million for developing the properties* g6 L! d/ |6 T( W' k2 N9 m
over the next three years. ) Y3 R6 K! B1 U: H# w They have also pledged to increase employment levels in Canada as 8 r3 ~# v) f4 v' z) m8 ?0 @7 Gthey develop the projects over the next three years and to maintain 1 s3 [2 a X5 r5 Dan Alberta head office for operating companies associated with the: e, i+ s7 ^3 Z _- G; K! f
projects for the next five years. 1 t* M. C8 Q! l (The Canadian Press)