Athabasca, PetroChina oil sands project approved

Thu Mar 13, 2014 3:09pm EDT
 
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CALGARY, Alberta (Reuters) - The Dover oil sands project backed by Athabasca Oil Corp (ATH.TO: Quote) and PetroChina 6018567.SS has received Alberta government approval, the second-last step needed before Athabasca can sell its share of the project to its Chinese partner for C$1.32 billion ($1.2 billion).

The thermal oil sands project was approved by the Canadian province's cabinet on Wednesday, according to a posting on a government website.

With the approval in hand, Athabasca needs only a final permit from the government's environment department before exercising a put that allows it to sell its stake to its Chinese partner. The final permit typically takes up to a month to issue.

($1 = 1.1132 Canadian Dollars)

(Reporting by Scott Haggett; Editing by Grant McCool)

 
PetroChina's logo are seen at its gas station in Beijing, August 29, 2013. REUTERS/Kim Kyung-Hoon