OTTAWA, ONTARIO--(Marketwire - Dec 7, 2012) - Today, the Honourable Christian Paradis, Minister of Industry, made the following statement regarding the application under the Investment Canada Act made by CNOOC Limited (CNOOC) to acquire Nexen Inc. (Nexen):
"Under the Investment Canada Act, CNOOC has satisfied me that, under existing Guidelines, their proposed transaction to acquire control of Nexen is likely to be of net benefit to Canada.
"In making my determination, I carefully considered the plans, undertakings and other information submitted by CNOOC in light of the net benefit factors listed in section 20 of the Act and existing Guidelines.
"To demonstrate that the transaction is likely to be of net benefit, CNOOC has made significant commitments to Canada in the areas of: governance, including commitments on transparency and disclosure; commercial orientation, including an adherence to Canadian laws and practices as well as free market principles; and employment and capital investments, which demonstrate a long-term commitment to the development of the Canadian economy. A compliance report related to the undertakings will be provided to Industry Canada annually."