Read this story from Rabble.ca on the Harper Government’s announcement this past Friday that it is approving Chinese state-owned CNOOC’s proposed $15 Billion buyout of Canadian energy company Nexen and the criticism it has drawn from the Opposition and various civil groups. (Dec. 7, 2012)
At a press conference held late Friday afternoon, Prime Minister Stephen Harper announced that his government had approved the $15 billion takeover of Nexen by the Chinese Offshore Oil Company (CNOOC).
Reaction to Friday’s announcement was swift.
NDP Energy and Natural Resources critic Peter Julian, who recently held a social media Town Hall on the subject, call the decision “irresponsible” and “a farce.”
Two of the civil society organizations that have led a high profile campaign against the Nexen takeover, and against the Canada-China Foreign Investment Protection Agreement (FIPA), issued this statement.
SumOfUs.org and Leadnow.ca Slam Prime Minister Harper’s Approval Of CNOOC-Nexen Takeover
Today, Prime Minister Stephen Harper announced the approval of the controversial takeover of Nexen by the Chinese National Offshore Oil Company. Harper called the Nexen decision and the prospect of further takeovers of oil sands firms “not the beginning of a trend, but rather the end of a trend.”
This government’s decision to announce the takeover at 5pm on a Friday, and to say that they will limit future takeovers in our resource sector, shows that this government is feeling intense pressure from Canadians across the political spectrum to ensure Canadian control of our resources. However, the in-limbo FIPA deal raises serious questions about Harper’s statement, as it is designed to encourage China’s companies to invest in the Canadian resource sector.
“This decision makes the prospect of the Canada-China FIPA even more troubling,” said Taren Stinebrickner-Kauffman, executive director of SumOfUs.org. “Now that CNOOC will have control of a major Canadian fossil fuel giant, Canada can’t risk signing a treaty with China that will give CNOOC vast powers to stop Canadian government regulation.”