Canada Is Open To Future Acquisitions By Chinese Energy Companies

Rigzone is reporting:

Canada is open to future acquisitions by Chinese energy companies, its trade minister said, in a clear signal Ottawa wants deeper ties with Beijing despite controversy over CNOOC Ltd.'s recent acquisition of Canada's Nexen Inc.

Canadian trade minister Ed Fast said Tuesday during a visit to Beijing that Canada was one of the world's most open investment destinations, and that it was committed to diversifying resource exports away from heavy reliance on the U.S.

And more:

Energy ties between Canada and China have come increasingly into the spotlight in recent months. That is particularly so as the Obama administration deliberates whether to approve the proposed Keystone XL oil pipeline, which would carry heavy crude from Canada's Alberta province to U.S. Gulf Coast refineries.

U.S. President Barack Obama rejected a version of the pipeline in early 2012 on environmental grounds, and a decision by the administration on a revised proposal is expected this summer.

Mr. Fast said Canada would press ahead with diversifying exports away from the U.S. regardless of the Obama administration's eventual decision on the pipeline, but said Keystone's approval would be important to shoring up North American energy security