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Alberta Finance Minister Ron Liepert says his province needs to prepare for billions in revenue gushing from the province's oil sands.
Chinese oil executives are growing frustrated with regulatory delays in plans for the Northern Gateway pipeline.
The Alberta government expects to generate nearly $10-billion in bitumen royalties alone by 2014-15.
Canadian oil and gas producer Pengrowth Energy Corp expects higher production for this year as it looks to spend more on its oil and liquids-rich gas fields in Alberta.