Chinese state oil company seeks approval to buy strategic Canadian oil and gas company:thorough critical analysis required

China’s third largest oil and gas company  has made a $ 15.1 billion  bid for one of Canada’s leading oil and gas companies, Nexen. The Chinese National Offshore Oil corporation(Cnooc) is China’s largest offshore oil supplier with a capital of over 50 billion RMB and a large employer has made the bid to acquire the Canadian company and its debt for the price of 15.1 billion dollars. Since Cnooc is a totally Chinese state owned corporation and this acquisition is subject to foreign investment review by the Canadian government there is a need for a very careful and sober analysis of the implications for Canadian strategic interests, the needs of the Alberta oil sector for secure and reliable export markets and offshore capital, the needs and interests of Canadian consumers as well as future generations, the impact upon labour and environmental standards and the overall good of the Canadian people and economy. There are already many voices including some conservatives who are voicing initial opposition to approving this venture. We shall see where this leads but there is a need for Canadian political leaders to assess the situation very carefully before agreeing to this transaction.


About haroldchorneyeconomist

I am Professor of political economy at Concordia university in Montréal, Québec, Canada. I received my B.A.Hons (econ.&poli sci) from the University of Manitoba. I also completed my M.A. degree in economics there. Went on to spend two years at the London School of Economics as a Ph.D. student in economics and then completed my Ph.D. in political economy at the University of Toronto. Was named a John W.Dafoe fellow, a CMHC fellow and a Canada Council fellow. I also was named a Woodrow Wilson fellow in 1968 after completing my first class honours undergraduate degree. Worked as an economist in the area of education, labour economics and as the senior economist with the Manitoba Housing and Renewal Corporation for the Government of Manitoba from 1972 to 1978. I also have worked as an economic consultant for MDT socio-economic consultants and have been consulted on urban planning, health policy, linguistic duality and public sector finance questions by the governments of Manitoba, Saskatchewan,the cities of Regina and Saskatoon, Ontario and the Federal government of Canada. I have also been consulted by senior leaders of the British Labour party, MPs from the Progressive Conservative party, the Liberal party and the New Democrats on economic policy questions. Members of the Government of France under the Presidency of Francois Mitterand discussed my work on public sector deficits. I have also run for elected office at the municipal level. I first began to write about quantitative easing as a useful policy option during the early 1980s.
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