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ARTICLE · 17 DECEMBER 2012

A Line Drawn In The Sands

Borden Ladner Gervais LLP
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On Friday December 7, 2012, Canada's Industry Minister, the Honourable Christian Paradis, announced that he approved the widely publicized proposed acquisitions by the China National Offshore Oil Corp. of Nexen Inc and Petroliam Nasional Bhd of Progress Energy Resources Corp.

CanadaCorporate/Commercial Law
Jeffrey Thomas
Jeffrey Thomas
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TRANSACTIONS APPROVED

On Friday December 7, 2012, Canada's Industry Minister, the Honourable Christian Paradis, announced that he approved the widely publicized proposed acquisitions by the China National Offshore Oil Corp. ("CNOOC") of Nexen Inc and Petroliam Nasional Bhd ("Petronas") of Progress Energy Resources Corp. The Minister found in both instances that the proposed investments were of "net benefit" to Canada. Details of the undertakings and plans submitted by the investors and agreed to by the Government were not released as they are considered confidential under the Investment Canada Act unless disclosed by the investors. Both CNOOC and Petronas had previously announced a number of undertakings and commitments they were prepared to make in seeking the Government's approval of their proposed investments.

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