Canadian Government Clarifies Policy on Foreign Investments by State-Owned Enterprises

Download this publication December 8, 2012

On December 7, 2012, the Canadian government released a policy statement and revised guidelines for investments by foreign state-owned enterprises (SOEs) that are subject to a net benefit review under the Investment Canada Act (ICA). The government also announced that the Minister of Industry had approved investments by CNOOC Limited, a Chinese SOE, to acquire Nexen Inc., and by Petronas, a Malaysian SOE, to acquire Progress Energy Resources Corp.  However, details of undertakings provided by CNOOC Limited and Petronas to obtain these approvals were not announced.

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