(Corrects name of federal act in second paragraph.)
Encana Corp. (ECA)’s C$1.18 ($1.19) billion joint venture with state-owned Petrochina Co. won’t be subject to government review, Industry Canada spokeswoman Margaux Stastny said in an e-mail today.
The deal, in which PetroChina will get a 49.9 percent stake in Encana’s Duvernay Shale acreage, isn’t subject to the Investment Canada Act that restricts state-owned companies seeking to acquire oil-sands businesses, she said.
“Foreign investments that do not involve the acquisition of control are not reviewable under the Investment Canada Act except in respect of their national security implications,” she said in the e-mail.
To contact the reporter on this story: Rebecca Penty in Calgary at email@example.com
To contact the editor responsible for this story: Jasmina Kelemen at firstname.lastname@example.org