Chinese state-owned oil company CNOOC completes $15.1B purchase of Canada’s Nexen [View all]
Source: Associated Press
HONG KONG — Chinese oil company CNOOC says it has completed its $15.1 billion purchase of Canadian energy producer Nexen.
China’s biggest overseas energy deal was finalized after winning approval from a U.S. agency that reviews takeovers by foreign companies for national security implications. The agency had a say because Nexen has Gulf of Mexico oil and gas fields.
Canada approved the deal despite worries it could lead to a flood of takeovers in the country’s oil sands sector. Canada’s prime minister said approval of similar deals in the future would be unlikely.
Calgary-based Nexen also operates in western Canada, the North Sea, Africa and the Middle East.
Read more: http://www.washingtonpost.com/business/chinese-state-owned-oil-company-cnooc-completes-151b-purchase-of-canadas-nexen/2013/02/26/91ba4852-7fd3-11e2-a671-0307392de8de_story.html
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