IN THE NEWS ~ Federal NDP wants public review, transparent rules for Nexen takeover
July 23rd, 2012 - 6:40pm
Published | Publié: 2012-07-23
The Canadian Press
OTTAWA, ONTARIO - The federal NDP wants Ottawa to hold a full-fledged public review of the $15-billion takeover of Calgary-based Nexen Inc. by a Chinese state oil producer.
The NDP's natural resources critic, Peter Julian, says his party will push for hearings through House of Commons committees that deal with industry, natural resources and the environment.
Julian also wants Ottawa to come forward with more transparent rules for approving foreign investment.
He says the Stephen Harper government has been promising improvements for two years, in the wake of its "secretive" rejection of the takeover of Potash Corp. by BHP Billiton.
Julian says a combination of public hearings and more transparent investment review procedures would reveal whether the Nexen deal is truly good for the Canadian economy, the environment and communities.
Industry Minister Christian Paradis says he will assess the Nexen takeover by using a net benefits test that will examine the effects on investment, jobs, productivity, competitiveness and national policies.
His review will take at least 45 days, and can be extended by another 30 days or more.