If there ever was a time for Canada to show national leadership on the energy file, now is it.
Why Nexen sale can’t be allowed
Diane Francis, Financial Post · Jul. 28, 2012
The proposed takeover of Nexen Inc. by China National Offshore Oil Co., or any other like it, cannot be allowed. If the acquisition of Canada’s resource companies is not banned, then much of Calgary’s skyline will be snapped up by the world’s gigantic state-owned enterprises.
Resource companies are as important as banks or the stock exchange. The same ownership ring fence must be drawn around them, or a limit of 10% foreign ownership imposed. If that policy had not been adopted years ago by Ottawa, Toronto’s skyline would be very different.
The reality is that Canada is a small economy that must be protected, from potash to the TMX, from the foreign governments that have more money than Ottawa and bankroll enterprises and investment portfolios. Read more…
Perhaps it is time to look at how other resource rich western countries, like Norway, are managing their oil wealth.