三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

chinadaily.com.cn
left corner left corner
China Daily Website

CNOOC's Nexen deal expected to open two-way street

Updated: 2012-07-25 11:48
By Reuters in Ottawa, Canada and Joseph Boris in New York ( China Daily)

CNOOC's Nexen deal expected to open two-way street

The friendly $15.1 billion bid by CNOOC Ltd for the Canadian energy company Nexen Inc gels with the Canadian government's pleas for foreign money to develop its costly oil sands of northern Alberta, according to industry experts, giving it a very definite chance of winning approval.

Reacting to what is likely to become China's largest overseas acquisition to date, the Canadian government has said only that it would review the bid by CNOOC based on its laws on foreign investment.

But lawyers, analysts and insiders say there are good reasons for the deal to go ahead, and few reasons to block it.

"It so far appears to be a mutual two-way street," said Oliver Borgers of law firm McCarthy Terault LLP in Toronto.

"Canada has made it clear that it is looking for Chinese investment ... And China is now in a way reciprocating that interest by investing in a Canadian company.

"It appears to want to do a lot for that Canadian company in terms of increasing its size, its footprint, its presence globally, all of the things that would be music to the ears of the Canadian government."

Approval of the deal would help restore a Canadian foreign investment climate that the government dented in 2010 when it rejected a $39 billion attempt by Australian miner BHP Billiton Ltd to buy fertilizer maker Potash Corp.

The Conservative government said the Potash takeover would not bring a net benefit to Canada and vetoed the deal.

But Potash Corp was a huge player - and a big employer - in the politically significant province of Saskatchewan, while Nexen's assets are far more widely distributed around the world.

Unlike the Potash offer, in which Saskatchewan's premier voiced strong opposition, contributing to its demise, Nexen's home base of Alberta appeared enthused by CNOOC's play for the company, saying its oil sands assets require major investments.

"Today's potential transaction is further evidence of the vital importance of Alberta's oil sands to meet global energy demand," said Alberta Energy Minister Ken Hughes in a statement.

"Foreign investment benefits Albertans, and Canadians, putting Canadian firms in a better position to compete globally."

One Toronto-based legal expert on foreign investment laws said CNOOC is making all the right noises by saying it is going to keep jobs in Canada, make Calgary one of its international headquarters and list on the Toronto Stock Exchange.

"This makes the political climate a little easier," said the expert, who asked not to be named. "On the BHP deal, I'm not sure there was enough forethought given to the political landscape."

Nexen is active in Colombia, Yemen, the North Sea and the United States as well as in Canada, and the majority of its production and cash flow come from outside Canada.

"This is a friendly deal ... there is a great deal of forethought given to the kind of presence in Canada that the government is seeking," added a source close to the deal.

"The (Canadian) government tends to look for generation of economic activity in these deals. If that's the gauge - generation of activity and development - then this is a pretty compelling proposition."

Canadian Prime Minister Stephen Harper went to Beijing in February, partly in a bid to sell Canadian oil to China, and he stressed the need to diversify markets and reduce reliance on the US.

Without foreign money, development of the oil sands would lag, the Canadian government says.

Even so, Chinese investment in Canadian energy firms is sensitive politically.

The deal is subject to two separate Canadian reviews, from the Competition Bureau and from Industry Minister Christian Paradis, who must decide whether to permit the deal or block it, either on national security grounds or because it is not of "net benefit" to Canada.

Peter Morici, professor at the Robert H. Smith School of Business - University of Maryland and a hawk on China's trade policies, said that Canadians have always been worried about American influence and American hegemony, but that "they'll worry a lot more about China being dominant than they ever did the Americans".

Shares in CNOOC fell the most in two months in Hong Kong trading on concern China's largest offshore oil and natural-gas explorer is overpaying in the $15.1 billion acquisition.

CNOOC shares dropped 4 percent to HK$14.82 ($1.91), the most since May 7, while the benchmark Hang Seng Index slipped 0.8 percent.

The transaction, including $2.8 billion of net debt, is 20 percent more than the $14.9 billion value of Nexen's assets, based on the Calgary-based company's proven and probable reserves, said Laban Yu, an analyst at Jefferies Hong Kong Ltd.

He said that CNOOC is paying a premium to boost China's energy security and avoid repeating its failed $19 billion bid for California-based Unocal Corp in 2005.

Meanwhile, the Nexen takeover is already drawing notice in US Congress, where Republicans have been pushing US President Barack Obama's Democratic administration to approve the Keystone XL oil pipeline from Canada.

Representative Lee Terry of Nebraska, of the House Energy and Commerce Committee, has presented a bill said to allow construction of the pipeline without a required "presidential permit".

Keystone XL was proposed as a 1,700-mile (2,735-kilometer) pipeline stretching from Alberta's tar sands to the US Gulf of Mexico coast.

Pipeline sponsor TransCanada Corp can't proceed unless the project gets a green light from the Obama administration to build across the US-Canada border.

The US State Department has said it will decide by early 2013 whether to approve TransCanada's plans for the northern portion of the pipeline.

Keystone supporters have argued that Canada will look for alternatives - including possible deals with Chinese energy companies - to shipping its oil from the tar sands if the US doesn't give permission for the pipeline to proceed south toward the Gulf.

Opponents, who say the pipeline's environmental risks outweigh the relatively small number of jobs it will create, argue that any Canadian oil flowing south will only be exported overseas.

Contact the writer at josephboris@chinadailyusa.com.

 
8.03K
 
...
...
...
主站蜘蛛池模板: 国产精品亚洲va在线观看 | 欧美不卡一区二区三区 | zzji国产精品视频 | 欧美黄色成人 | 美日韩在线 | 国产精品人成在线播放新网站 | 国产精品合集一区二区三区 | 日韩在线视频不卡 | 亚洲黄色高清视频 | 韩国免费毛片在线看 | 三级黄色免费片 | 8x在线成人 | 国内外成人免费视频 | 国产精品亚洲一区二区三区在线观看 | 日本特黄视频 | 97精品国产91久久久久久 | 日韩黄色在线观看 | 国产成人高清亚洲一区91 | 亚洲毛片网 | 黄色片网站大全 | 免费国产一级 | 精品久久成人免费第三区 | 一级美国片免费看 | 欧美日本一道免费一区三区 | 国产精品主播在线观看 | 国产青青操 | 国产精品亚洲精品青青青 | 成人免费片 | 亚洲日韩男人网在线 | 国产成人精品免费视频大全麻豆 | 一区二区三区免费视频网站 | 国产福利片在线 易阳 | 大色香蕉色视频大全 | 一个看片免费视频www | 国产一区二卡三区四区 | yy6080韩国日本三理论 | 特黄特a级特别特级特毛片 特黄特色一级aa毛片免费观看 | 欧美成人做性视频在线播放 | 精品玖玖玖视频在线观看 | 成人资源在线观看 | 免费中国一级啪啪片 |