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Nexen process operator Terry McCall tightens a valve on this well head while working at Nexen's Phase 1 Long Lake SAGD processing facility near Fort McMurray.Dave Olecko

The federal government has approved two controversial takeovers by Asian state-owned enterprises of Canadian oil companies, but will block any further acquisitions in the oil sands by such government-owned firms.

Prime Minister Stephen Harper late Friday announced a tough new foreign investment policy that erects major hurdles for acquisitions by state-owned enterprises, even while welcoming non-controlling investment from them.

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