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Canada’s Oliver Says Investors Seek Guidance From Nexen Review

Canadian Natural Resources Minister Joe Oliver said he’s aware foreign investors are monitoring his government’s review of Cnooc Ltd. (883)’s $15.1 billion proposed takeover of Calgary-based Nexen Inc. (NXY) for guidance on future investments.

Oliver, in an interview with Bloomberg News in Tokyo, said Prime Minister Stephen Harper has pledged a policy “framework” to explain the government’s decision regarding the Nexen bid and future transactions.

“There are some prospective buyers who are looking at the decision and, in particular, the framework that the prime minster said would accompany or be published closely with” the Nexen decision, Oliver said Sept. 18. “They want to get some guidance as to whether whatever prospective investment they’d be making would be welcome.”

Oliver said Canada doesn’t have enough money domestically to finance all the natural resource projects planned over the next decade, which he said the government values at C$650 billion ($667 billion).

“The Asia Pacific market is potentially an important part of that and we welcome investment from Asia Pacific countries,” Oliver said.

To contact the reporters on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net; Jacob Adelman in Tokyo at jadelman1@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

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