According to Canadian Natural Resources Minister Joe Oliver, Canada would not extend limits on takeovers by state backed enterprises outside the oil sands industry unless the target resource has been determined as 'strategic'.
Last December, the Federal Government of Canada said it would only approve acquisitions of controlling stakes in oil sands enterprises by state owned corporations under 'exceptional circumstances.' The rules were instituted after the government had approved the takeover of Nexen Inc, the Calgary based oil and gas producer by CNOOC Ltd of China. The takeover cost US$15.1 billion while another Can$5.2 billion or US$5.1 billion was for the takeover of Progress Energy Resources Corp by Petroliam Nasional Bhd of Malaysia.
According to Oliver in an interview in New York, "Unless, there's a very unique strategic interest, I don't see that being extended. We need foreign capital. We don't have that capital in Canada. We're open for business and we're open for investment."
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