OTTAWA - Ottawa has given its blessing to the sale of properties' ~* s6 v# E7 D% Z% Y9 b
owned by Athabasca Oil Sands Corp. to a Chinese company.8 o' F& a5 W+ K! _
Federal Industry Minister Tony Clement says he has reviewed the . ~/ m! Z/ |2 g/ Tdeal between Athabasca and PetroChina International Investment Co. / t5 k% Q$ `4 b9 J7 ALtd. and finds its is likely to be of net benefit to Canada.5 r- ^3 |2 V: j% H! e/ W( z
Clement says PetroChina and its parent, PetroChina Co. Ltd., have$ ]( R7 h; G6 h* K* M E: M
made a number of significant commitments should they be allowed to1 g: @4 K/ k: W8 _" X$ A
acquire control of the MacKay and Dover oil sands projects. 8 C% X" X! o7 y7 r Among other things, the Chinese concerns have agreed to capital4 R' {0 X; n% G
expenditures in excess of $250 million for developing the properties $ j( ]! k4 R4 Uover the next three years.7 L/ {5 X6 d3 d/ l% W
They have also pledged to increase employment levels in Canada as8 S- c0 k6 g& N4 k) i
they develop the projects over the next three years and to maintain + a9 p: V8 s* W0 c; w/ M. Aan Alberta head office for operating companies associated with the" G6 G& K6 E% m4 O2 Y, c# |
projects for the next five years. M- ]# y# p' S1 ]3 \7 N (The Canadian Press)