Canada

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.

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

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.

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 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.