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Fast Says Petronas Decision Not a Precedent for Cnooc-Nexen

The Canadian government’s decision to block the C$5.2 billion ($5.23 billion) bid by Petroliam Nasional Bhd of Malaysia for Calgary-based Progress Energy Resources Corp. is not a precedent for other rulings, International Trade Minister Ed Fast said.

Speaking to reporters in Vancouver, Fast said the decision on Petronas, as the Malaysian state-owned company is known, doesn’t mean Beijing-based Cnooc Ltd.’s $15.1 billion takeover of Calgary-based Nexen Inc. will be rejected.

“This decision does not set a precedent because every single application is considered on its own merits,” Fast said. “Each application has its own specific circumstances that are being brought to bear.”

While Canada welcomes foreign investment, it won’t rubber stamp takeovers, Fast said today at a press conference on border security and cargo trade between the U.S. and Canada. Petronas still has time to respond to the government’s concerns about the Progress bid, he said.

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