A new day is dawning for Canadian independent oil company Nexen.
Canada's Prime Minister, Steven Harper, announced last Friday (December 7) that China's state-owned oil company, CNOOC, would be allowed to buy Nexen. The $15 billion dollar deal gives the Chinese company control over one of Canada's largest oil-sands project. CNOOC also acquires Nexen's 43% stake in the Buzzard oil field, the largest in the United Kingdom's oil rich North Sea.
It follows months of debate about over how much control foreign companies should have over Canada's energy sector.
[Steven Harper, Canadian Prime Minister]:
"The government's concern has been that very quickly a series of large-scale controlling transactions by foreign state-owned companies could rapidly transform this industry from one that is essentially a free market industry to one that is effectively under the control of a foreign government...and that is obviously not something that we find desirable."
Nexen shareholder's approved the CNOOC takeover in September, but was delayed by the Canadian government while it drafted updates to guidelines concerning investments by state-owned foreign companies.
Tune in to tomorrow's NTD's China Focus for more on what the Nexen deal means.
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China's State-Owned CNOOC Takes Over Canada's Nexen Inc. | |
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| News & Politics | Upload TimePublished on 10 Dec 2012 |
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