OTTAWA - Ottawa has given its blessing to the sale of properties 5 d7 H2 i+ b% w& \* vowned by Athabasca Oil Sands Corp. to a Chinese company.) `3 I3 o: ~3 u: D! M
Federal Industry Minister Tony Clement says he has reviewed the/ Q2 X+ u, K" @ h+ W! F
deal between Athabasca and PetroChina International Investment Co.# x g0 j+ }' | Y
Ltd. and finds its is likely to be of net benefit to Canada.) s, z0 q1 Y- g, S9 b9 M
Clement says PetroChina and its parent, PetroChina Co. Ltd., have8 P# J2 y7 ?7 j/ B) a. k
made a number of significant commitments should they be allowed to 7 [. C8 A5 z" J5 Qacquire control of the MacKay and Dover oil sands projects. 1 n1 j( l: L- B Among other things, the Chinese concerns have agreed to capital . [4 A0 B5 t7 ] Qexpenditures in excess of $250 million for developing the properties 7 Z( M/ w2 o7 R4 nover the next three years. 8 j f1 L$ v& _+ u( m. E They have also pledged to increase employment levels in Canada as# `* O6 c: N0 S2 r' K( N J
they develop the projects over the next three years and to maintain6 R m( \' a8 p9 R; h/ E
an Alberta head office for operating companies associated with the) T4 n4 D0 B/ S
projects for the next five years.9 Q5 J4 w8 C/ U
(The Canadian Press)