OTTAWA - Ottawa has given its blessing to the sale of properties ! K/ L" N4 S0 }2 b3 Howned by Athabasca Oil Sands Corp. to a Chinese company. $ q8 S/ q- b( r) Q2 w- ~ Federal Industry Minister Tony Clement says he has reviewed the # f! S* v' G v" G1 U. Y) `1 v* [deal between Athabasca and PetroChina International Investment Co.5 Y0 y2 l, r5 V0 k9 E
Ltd. and finds its is likely to be of net benefit to Canada. . c$ T1 L s) i3 t+ K. @ Clement says PetroChina and its parent, PetroChina Co. Ltd., have 7 X: ?6 A1 K* S$ t$ M+ t& vmade a number of significant commitments should they be allowed to( n+ ~+ j* i+ U2 {
acquire control of the MacKay and Dover oil sands projects.# d( s+ Q/ `* ~* M6 F# O
Among other things, the Chinese concerns have agreed to capital . `! n/ m/ i% _# z) N% q! qexpenditures in excess of $250 million for developing the properties; X1 v. n w6 Y; E5 Y. B! P) {5 v0 k' n" D
over the next three years.- t* G2 ~6 A" ^5 J
They have also pledged to increase employment levels in Canada as ; s8 B" B) e2 o% f% _they develop the projects over the next three years and to maintain : w. R1 n9 v4 i. p1 y2 F* aan Alberta head office for operating companies associated with the $ J/ D. H; `. X9 z" Zprojects for the next five years. " D: X& b/ o: q. z: E (The Canadian Press)