The Canadian government approved controlling
acquisitions of strategically important oil sands by foreign
state-owned enterprises (SOEs) on December 7.
But its revised guidelines for the treatment of SOEs under
the Investment Canada Act suggests greater scrutiny of SOE
investments, as well as an end to additional controlling
ownership of Canadas oil sands by SOEs.
According to the guidelines, China National Offshore Oil
Corporation (Cnooc) with its $15.1 billion acquisition
of Nexen and Malaysias Petronas with its
$5.2 billion acquisition of Progress Energy Resources
will be the last two SOEs to acquire controlling stakes...