Alberta Government to seek clarity on new investment rules
Government of Alberta
Alberta Premier Alison Redford today responded to the federal determination that a proposed acquisition of Nexen Inc. by the China National Offshore Oil Company and Progress Energy by Petronas, are of a net benefit to Canada:
Edmonton - December 8, 2012 - Alberta Premier Alison Redford responded to the federal determination that a proposed acquisition of Nexen Inc. by the China National Offshore Oil Company and Progress Energy by Petronas, are of a net benefit to Canada:
“Alberta has worked hard to attract foreign investment to our province. We are pleased that the federal government appears to have listened to our input and made a careful examination of the circumstances unique to these proposed arrangements, as did my Government, and came to the same conclusion: the benefits are great, and any issues can be mitigated.
“Responsible investment in our resources is critical to maintain the high quality of life enjoyed by Albertans and Canadians. Canada has abundant resources that require significant investment to develop. Many sources of major capital are required.
“We will, in the coming days, discuss this announcement with the federal government and study the implications of the statements about future investments by state-owned enterprises. As owners of the oil sands resource we believe we have a stake in the decisions that affect the development of those resources. We will seek clarity on how ‘exceptional circumstances’ will be defined.
“All investors, whether foreign or domestic, private or state-owned, must comply with existing Canadian and Alberta laws if they wish to operate here. Alberta owns, and will continue to own, the natural resources within its borders. And rightly, there are exceptional considerations for investments by state-owned enterprises that were addressed during the federal review process.”
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