Clement approves PetroChina purchase of Athabasca Oil Sands properties

OTTAWA — Ottawa has given its blessing to the sale of properties owned by Athabasca Oil Sands Corp. to a Chinese company.

Federal Industry Minister Tony Clement says he has reviewed the deal between Athabasca and PetroChina International Investment Co. Ltd. and finds its is likely to be of net benefit to Canada.

Clement says PetroChina and its parent, PetroChina Co. Ltd., have made a number of significant commitments should they be allowed to acquire control of the MacKay and Dover oil sands projects.

Among other things, the Chinese concerns have agreed to capital expenditures in excess of $250 million for developing the properties over the next three years.

They have also pledged to increase employment levels in Canada as they develop the projects over the next three years and to maintain an Alberta head office for operating companies associated with the projects for the next five years.