Canada Minister: Expect to decide on Cnooc and Nexen deal by mid-October

10/8/2012

Canada Minister: Expect to decide on Cnooc and Nexen deal by mid-October

BY SAURABH CHATURVEDI

NEW DELHI -- Ottowa may take a decision by the middle of this month on whether to approve a proposal by Cnooc to buy Nexen for $15.1 billion, a Canadian Minister said. 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.

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 North Sea, the 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.

Dow Jones Newswires

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