Athabasca Oil is selling its 40% stake in the proposed Dover oilsands project to its partner PetroChina for $1.32-billion.
The company said Thursday, the sale of the stake in the Brion Energy operation was activated Wednesday, with a final approval from Alberta Environment, the last needed greenlight.
Athabasca’s been public about selling the stake, and it gives the Chinese national oil company its second fully-owned thermal oilsands project in northeastern Alberta.
After closing adjustments the company expects to make just over $1.2-billion and says it will use the money to develop other oilsands and light oil projects in the province.
The Fort McKay First Nation protested the project asking for a 20 kilometre buffer between operations and its traditional lands.
In the projects approval in August, the Alberta Energy Regulator denied the request.
The native community was allowed to appeal, but decided not to after negotiations promised environmental protection and financial consideration.
Those details have yet to be released.
