CNOOC Approval Signals Canadian Government Continues to Welcome Foreign Investment … With Some Strings Attached
On December 7, 2012, Industry Minister Christian Paradis approved the proposed $15.1 billion acquisition of Nexen Inc. by Chinese state-owned enterprise, CNOOC Ltd. under the Investment Canada Act. While the approval of the CNOOC transaction (and the concurrent approval of Petronas’ proposed acquisition of Progress Energy) demonstrates that Canada continues to welcome foreign investment, the Canadian government also indicated that future major oil sand acquisitions by state-owned enterprises (SOEs) would likely be subject to far more stringent review. Read more.
CNOOC foreign investment Investment Canada Act Nexen Petronas Progress Energy state-owned enterprise