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Soria Tells Efe Oil May Be ’Salvation’ of Spain’s Canary Islands

Aug. 5 (Bloomberg) -- Jose Manuel Soria, Spanish Minister for Industry, Energy and Tourism, said finding oil could be the “salvation” of the Canary Islands economy where unemployment is at 31 percent, Efe reported.

Repsol SA is drilling for oil about 60 kilometers (37 miles) off the coast of the Spanish archipelago amid protests from locals and environmentalists who say the work poses a threat to the islands’ beaches.

Finding oil would be an “extraordinary opportunity fundamentally for young workers,” Soria told Efe. “There are a lot of engineers in the Canaries.”

To contact the reporter on this story: Ben Sills in Madrid at bsills@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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