Canada needs for­eign cap­i­tal for oil sec­tor

The Pak Banker - - Front Page -


Canada needs for­eign cap­i­tal to de­velop its oil sands and is in the "mid­dle" of dis­cus­sions on how to ap­proach for­eign takeover bids such as the $15.1 bil­lion (Dh55.5 bil­lion) of­fer by China's CNOOC for oil and gas pro­ducer Nexen, Fi­nance Min­is­ter Jim Fla­herty said.

Ot­tawa is de­cid­ing whether to al­low or block two ma­jor transactions by state-owned play­ers: the bid by China's top off­shore oil and gas pro­ducer for Nexen, and a $5.2 bil­lion bid by Malaysia's Petronas for Progress En­ergy Re­sources Corp.

The is­sue is hugely con­tro­ver­sial in Canada, es­pe­cially when nat­u­ral re­sources are at stake. Prime Min­is­ter Stephen Harper has said he would un­veil a new pol­icy frame­work for deal­ing with for­eign takeover bids around the same time as the gov­ern­ment an­nounces a de­ci­sion on the two deals.

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