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Imperial Oil Ltd. received a treat on Halloween with the long-awaited approval by provincial regulators of its new Aspen oilsands project.

Now, it has to build it.

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Almost five years after applying for project approval from the Alberta Energy Regulator, the integrated petroleum producer announced Wednesday it’s going to construct the $2.6-billion development in northern Alberta.

For the province and the sector, the announcement is significant.

It’s one of the first major greenfield oilsands projects to proceed since crude prices collapsed almost four years ago.

Coming as large-scale mining developments and expansions have largely wrapped up, it will create about 700 jobs when construction peaks, and more than 200 operating positions once built.

Spending will peak in the 2019-21 period at around $700 million a year, a much-needed boost as oilsands capital spending has fallen for four consecutive years.