OTTAWA - Ottawa has given its blessing to the sale of properties1 r1 V# E4 G/ h3 g. `* M& X
owned by Athabasca Oil Sands Corp. to a Chinese company.- k/ Q" ]. h b$ ^
Federal Industry Minister Tony Clement says he has reviewed the1 R# g4 k; b# Z0 B
deal between Athabasca and PetroChina International Investment Co. 2 `* b: |2 c* p2 DLtd. and finds its is likely to be of net benefit to Canada. 3 \5 Y* r3 V" x1 p( U K0 _ Clement says PetroChina and its parent, PetroChina Co. Ltd., have 8 A# R# a; L* P4 tmade a number of significant commitments should they be allowed to+ h3 J, f( X) b8 O
acquire control of the MacKay and Dover oil sands projects. " N8 U/ d. N4 [+ m) g Among other things, the Chinese concerns have agreed to capital: n* Q% T0 e: l/ ]9 b) p: u6 ~* r
expenditures in excess of $250 million for developing the properties ( D: N" G9 ?9 x/ eover the next three years. $ _/ Y3 F. A( X They have also pledged to increase employment levels in Canada as # ]0 k" B; i* r0 ythey develop the projects over the next three years and to maintain 6 V3 J6 ]# k+ f; Q5 u" Man Alberta head office for operating companies associated with the2 K( x3 M+ L3 S5 O5 o! d
projects for the next five years.4 Q2 L8 l2 e( t/ g
(The Canadian Press)