Research & News Bookmark and Share  China National Oil Company
Takeover of Nexen Will Be Costly for Canada  Appeared in the
Hamilton Spectator, Vancouver Sun, Victoria Times Colonist,
Huffington Post, New Brunswick Telegraph Journal, Saskatoon Star
Phoenix and Woodstock Sentinel Review Release Date:
August 16, 2012   Both views overlook the most pertinent factor:
CNOOC is state-owned. Although shares of CNOOC Ltd. (the CNOOC
subsidiary attempting to purchase Nexen) are publicly traded on
the Hong Kong and New York stock exchanges, CNOOC Ltd.’s
Chairman and Vice Chairman are also the Chairman and President,
respectively, of CNOOC. CNOOC’s website clearly states that it
is owned by the Chinese government and that its top executives
are members of China’s ruling Communist Party. Therefore, in
effect, Nexen would become a "crown" corporation, but one
controlled by the government of China instead of Canada.  State
ownership is out of fashion in Canada and for good reason, given
the overwhelming evidence that gover