This article was last updated on April 16, 2022
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The New Democrats are suspicious about the reason behind the decision of Conservative government to abruptly announce the news of extending the review period, of Chinese company’s bid to take over Canadian oil producer Nexen, till Friday evening.
The Industry Minister of Canada, Christian Paradis announced the news release on Friday night declaring that the government is extending the review period until Dec. 10. But according to the New Democrat MP, Peter Julian, the timing of this news release is very intriguing. He suspected that “this seems to be a pattern of this government that they’re making announcements on a Friday evening.” He explained that “any time a government makes an announcement at that time of the week, it’s because they know that the public is not going to receive that news positively.”
The announcement from government-run China National Offshore Oil Co. (CNOOC) came in July, when it showed interest to buy Calgary-based Nexen, owning oil sands and shale gas. But according to the Investment Canada Act, the federal government has the right to review such bids and find out whether the takeover is bringing a “net benefit” to Canada. The original review period of 45-day review period was ending this Nov. 10.
Julian kept on asserting that “there are a whole range of issues surrounding this deal, and what we expect the government to do is hold public consultations and define clearly what the ‘net benefit’ clause means in relation to this takeover.” He stated that “…What we’re seeing is a government that’s hiding, that’s being very secretive about this deal.”
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