Canada Minister: Expect to Decide on CNOOC-Nexen Deal by Mid-Oct
NEW DELHI - Ottawa may take a decision by the middle of this month on whether to approve a proposal by Chinese state-controlled oil company CNOOC Ltd. to buy Canada's Nexen Inc. for $15.1 billion, a Canadian minister said Monday.
"The current schedule for a decision is mid-October, unless it is extended," Canada's Minister of Natural Resources Joe Oliver told reporters in New Delhi, India.
According to Canada's foreign investment laws, government approval depends on whether the deal will provide a net benefit to the country's economy.
The federal government has the power to block the deal if it believes it isn't in the country's economic interests.
Nexen has oil and gas assets in western Canada, the U.K. North Sea, the U.S. Gulf of Mexico and offshore Nigeria.
CNOOC is China's largest offshore oil company by production.
Mr. Oliver is in New Delhi to meet Indian company executives to invite investments into Canada's resources sector.
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