March 13, 2014 / 7:13 PM / 4 years ago

Athabasca, PetroChina oil sands project approved

CALGARY, Alberta (Reuters) - The Dover oil sands project backed by Athabasca Oil Corp ATH.TO 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).

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

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

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