US regulators have approved China National Offshore Oil Corporation's (CNOOC's) USD 15.1-billion bid to buy Nexen Inc, a deal that will be the biggest overseas takeover made by a Chinese company. The approval from the Committee on Foreign Investment in the United States means the last major hurdle was cleared, CNOOC, China's largest offshore oil producer, said in a statement issued on Tuesday.
Canadian green technology company W2 Energy is acquiring a 51 percent of Malaysia’s AM Biofuels for USD5.5 million. W2 Energy is expanding its fuel business in Southeast Asia as it executes on its business plan of production, blending and distribution of bio and synthetic fuels.
And handful of oil snd
December 11, 2012
With the completion of its long delayed and contentious acquisition of Nexen, China National Offshore Oil Corporation (CNOOC) will soon be in a position to deploy Canadian personnel and technology at home to help fuel China’s expanding economy and keep expensive imports in check. With the USD15.1 billion purchase of Calgary-based Nexen – the largest overseas acquisition by a Chinese company – now approved by the Canadian government, CNOOC is that much closer to being able to draw on an estimated 14.5 billion barrels of oil-soaked tar sand
Canada PM Stehpen Harper
The Canadian government has approved a USD15.1 billion bid from China National Offshore Oil Corporation (Cnooc) to buy Nexen, a deal that highlights China’s worldwide pursuit of natural resources and energy assets. Canadian Prime Minister Stephen Harper also announced the approval of Petroliam Nasional’s USD5.2 billion takeover of Progress Energy Resources.
With deadlines fast approaching, the Canadian government says it will unveil new policy guidelines on foreign investment. The new rules are expected to be released at about the same time it announces verdicts on two proposed foreign takeovers of domestic energy companies: a bid by China's CNOOC Ltd for Nexen Inc and Malaysia's Petronas buyout plans for Progress Energy Resources Corp.
CNOOC, Nexen and Canada's oil sands
November 12, 2012
The economic turmoil of the financial crash saw China being feted as a white knight with drawbridges being lowered to investment from Chinese companies. This has turned to bitterness, like a liberating army becoming an occupying force. Even with struggling solar and wind sectors, China has become the dominant global power it terms of renewable energy companies. This has resulted in the US Department of Commerce increasing tariffs to between 23.75 and 250 percent on solar cells which it calls a way of offsetting subsidies provided by China through one mechanism or another.
Only days after former Indian President APJ Abdul Kalam certified the Kudankulam nuclear plant as safe, the country signed an agreement with Canada to import uranium.
The USD15.1 billion bid by CNOOC, one of China’s state-owned oil companies, for Canada's Nexen Inc, which operates in the US Gulf of Mexico as well as in Canada's oil sands, has stirred somewhat predictable opposition from US politicians.
Canadian oil sands
July 25, 2012
The USD15.1 billion cash offer by China's CNOOC to acquire Canada's Nexen Inc is the latest sign of Canada's shift away from the US as its traditional trading partner and main export market for its abundant natural resources. The sale, if it goes through, is just one of series of deals that demonstrate Canada's intentions to cozy up to China as a major buyer of its resources, particularly oil and gas, as the US political climate continues to disappoint its northern neighbor. In yet another development, a new trade pact was announced on Monday that vastly increases the amount of Canadian uranium that domestic companies are now able to sell to China.
In a move certain to further raise the ire of US republicans, Canadian Prime Minister Stephen Harper on Friday pledged to enhance energy cooperation with China during a visit to Guangzhou, capital city of south Guangdong province.