Alta. oilsands still open for business

CARR: CANADA WOULD CONSIDER CHINESE INVESTMENT PROPOSALS FOR OILSANDS

As Natural Resources Minister Jim Carr explores avenues in China to expand foreign investment in the oilsands, his government is being accused of allowing Chinese takeovers of Canadian firms with little regard for national security.

Carr is on a five-day trade mission to China, pursuing partnerships and new markets for the energy and forestry sectors. The trip comes as the two countries pursue exploratory free trade talks, and the federal Liberals adjust their foreign policy to confront the headwinds of Donald Trump’s “America First” doctrine.

Carr’s message? Canada welcomes Chinese investment, including in the oilsands, he told a conference call from Beijing — a departure from the previous Conservative policy of keeping state-ownedenterprises out of Canada’s energy sector.

“We think there is opportunity and we laid out along with experts from the industry what we believe to be Canadian opportunities for them,” Carr said.

“Chinese investors are no different than investors from anywhere else. They look at costs, they look at prices, and they make their investment decisions.”

In 2012, after the China National Offshore Oil Corp. was allowed to buy Calgarybased Nexen Inc., then-prime minister Stephen Harper put strict limits on SEOs investing in the oilsands, fearing foreign government influence inconsistent with Canadian policy.

Harper’s policy called for assessing investment proposals and takeover bids on a case-by-case approach, granting approval only in exceptional circumstances.

Talking to China about investment opportunities is no different, and will still be done on a case-by-case basis, Carr argued.

“The Canadian government is prepared to talk to the Chinese government about investments in most sectors of our economy,” he said. “I don’t think that represents a change in public policy but as a general expression of our willingness to talk.”