Canada’s Industry Minister is remaining tight-lipped over the specific 'net benefits' Canadians can expect in exchange for the sale of Alberta-based oil and gas company Nexen to a Chinese state-owned oil enterprise.
A day after Ottawa announced its approval of a multi-billion-dollar takeover of Nexen by the state-owned China National Offshore Oil Company, the Chinese government heralded the historic deal, calling it a 'win-win co-operation' that would benefit both countries.
The federal government has approved two multi-billion-dollar takeovers of Canadian oil and gas companies by state-owned Asian enterprises, but Prime Minister Stephen Harper has made it clear that such deals will only be allowed under “exceptional circumstances” in the future.
If Prime Minister Stephen Harper selected legacy items to be hallmarks of his first seven years in office, diversifying Canada's trade and investment away from the United States towards the burgeoning economies of Asia would be near the top of the list.
The New Democrats are questioning why the Conservative government would choose a Friday evening to suddenly announce it would be extending its review of a Chinese company’s bid to take over Canadian oil producer Nexen.
The Harper government bought itself some more time to deal with a political hot potato, extending a review of the controversial $15.1-billion bid by a Chinese state-owned company to acquire Calgary-based oil and gas producer Nexen Inc (TSX:NXY).
Chinese government officials and business people don't know what rules Canada is using to evaluate the proposed takeover of an oilsands producer by the state-owned China National Offshore Oil Corporation, says a top oil expert from Beijing.