March 13, 2014 / 3:53 PM / 4 years ago

Athabasca, PetroChina oil sands project approved

CALGARY, Alberta, March 13 (Reuters) - The Dover oil sands project backed by Athabasca Oil Corp and PetroChina 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.

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