OTTAWA - Ottawa has given its blessing to the sale of properties- ^ Y- Z; n$ _' G
owned by Athabasca Oil Sands Corp. to a Chinese company. 7 `* n4 B" ?% t" D9 z4 I Federal Industry Minister Tony Clement says he has reviewed the# B5 z2 I( ^0 o4 |$ |6 }, n
deal between Athabasca and PetroChina International Investment Co. $ b. q1 G6 Z* M- o6 FLtd. and finds its is likely to be of net benefit to Canada.8 Z3 x0 d0 U1 G8 F
Clement says PetroChina and its parent, PetroChina Co. Ltd., have $ h8 P& Y: T$ `& omade a number of significant commitments should they be allowed to2 l6 ?) C) Y% L5 g0 {1 W7 P8 g6 E
acquire control of the MacKay and Dover oil sands projects.4 r) P7 p( K6 M& g( A2 r
Among other things, the Chinese concerns have agreed to capital1 l/ O2 U' E8 v" O3 A
expenditures in excess of $250 million for developing the properties0 f: r' o/ H# l+ g$ e
over the next three years.+ ?: B. C% M0 e+ O G( E2 X6 d
They have also pledged to increase employment levels in Canada as3 s, _: ?* G" ~( N. u
they develop the projects over the next three years and to maintain- v/ @/ v- L7 Q) S# N2 y4 G- v/ [
an Alberta head office for operating companies associated with the : A2 K+ |( f1 \& s9 \projects for the next five years.; Y6 {) N7 A2 X) g$ J4 D$ ^, X
(The Canadian Press)
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