Cullen calls for gov. to reject takeover

Skeena-Bulkley MP Nathan Cullen is calling for the federal government to reject the proposed takeover of Nexen.

  • Oct. 5, 2012 6:00 a.m.

Skeena-Bulkley MP Nathan Cullen is calling for the federal government to reject the proposed takeover of Nexen by a Chinese national corporation.

The $15.1 billion bid for the takeover would put Nexen, an energy company which does oil and gas development would put a significant player in Canadian energy into the hands of Chinese National Offshore Oil Corporation (CNOOC), a Chinese-government-owned corporation.

“The lack of transparency in the approval process, and the alarming number of unanswered questions, has pushed Canada’s New Democrats to reject the transaction as it is currently structured.” said a release from Cullen’s office last week.

“The government has to carefully consider the serious impacts this takeover along with Sinopec’s investment in the Northern Gateway Pipeline will have on Canada’s control over our natural resources,” said  Cullen.

Other concerns the NDP has are questions around job protection for Canadians, the location of the company’s head office and the enforcement of Canadian environmental standards if the deal moves ahead.

Prime Minister Stephen Harper has said the NDP position will not influence the government’s decision on the takeover. The government has 45 days to make a decision, but can extend the deadline. A decision would take place by mid-October if there are no extensions.