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Old 12-07-2012, 10:05 PM   #26
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I smell butt hurt cacausians in this thread
You're worse than Harper, do you even realise the complications of having a communist state run company having control of one of our most important natural resources?

You do understand that 40% of America's oil comes from Canada, right? Having a huge chunk of that being controlled (literally) by China is not okay.

You'll be eating your words if the Chinese decide that they want to up the price of oil.


Harper is digging his own grave.
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Old 12-07-2012, 10:14 PM   #27
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This is just mad capitalism, any sign of responsible government has gone down the drain. The Canadian political landscape is so corrupted and fucked up beyond belief it's appalling. And part of it can be attributed to our lousy SMP electoral system that put Harper into Office in the first place. We collapse under any sort of pressure other nations give us, Canadian politicians really need to grow a spine and think about the people for once, not just the 150 CEOs of Canada.

Don't even get me started on the F-35 deal.
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Old 12-07-2012, 10:21 PM   #28
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Here's the thing, if this was Statoil - a Norwegian state-owned company, we wouldnt give a shiet about state owned companies taking over Nexen.

But because it's China, it becomes a political issue. Yes I don't want foreign chinese workers coming in here or china doing whatever they want with our oil.

I'm not a Fan of Harper by any means. But I was pretty satisfied by the way he played this thing. He approved Both takeovers, and said that this is "The end of a TREND"!

and that future state owned deals WONT be approved unless its for exceptional circumstances. Harper played this one perfectly, he needed the extra capital that the Chinese will bring in to Alberta (as well as BC with petronas building in kitimat), so he gave the Chinese a bone here, and said this is the last one.

Let's face it, the CNOOC payed a huge premium for Nexen, look at the stock price before and after, Nexen's earnings isnt as great as it use to be and the stock price would have probably went down below pre-takeover prices.

As long as he keeps his word, and these are the two last deals, I think it's the right move.
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Old 12-07-2012, 10:22 PM   #29
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Originally Posted by azndude69 View Post
Here's the thing, if this was Statoil - a Norwegian state-owned company, we wouldnt give a shiet about state owned companies taking over Nexen.

But because it's China, it becomes a political issue. Yes I don't want foreign chinese workers coming in here or china doing whatever they want with our oil.

I'm not a Fan of Harper by any means. But I was pretty satisfied by the way he played this thing. He approved Both takeovers, and said that this is "The end of a TREND"!

and that future state owned deals WONT be approved unless its for exceptional circumstances. Harper played this one perfectly, he needed the extra capital that the Chinese will bring in to Alberta (as well as BC with petronas building in kitimat), so he gave the Chinese a bone here, and said this is the last one.

Let's face it, the CNOOC payed a huge premium for Nexen, look at the stock price before and after, Nexen's earnings isnt as great as it use to be and the stock price would have probably went down below pre-takeover prices.

As long as he keeps his word, and these are the two last deals, I think it's the right move.
Ha...haha...hahaha

Firstly, Norway is not a corrupted communist nation who constantly abuses its power to further its own interests

And secondly, Harper keeping his word?!



If I could find that video on YouTube where Harper explicitly states that Canada's national resources are not for sale to any other foreign nation from a couple years back, I would.

Last edited by Akinari; 12-07-2012 at 10:28 PM.
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Old 12-07-2012, 10:30 PM   #30
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^ one thing that scares me is that even the USA rejected a bid by CNOOC in 2005, and Canada approved them. US has to still approve of the Gulf oil assets, which many of the politicians there dont want.

Harper also said today he's tightening take-over rules for all industries from now on, not just oil. Let's hope he keeps his word. He better because I know the Chinese want our Potash and fertilizer resources as well. I'd be pissed if he approves takeover of our fertilizer companies.
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Old 12-07-2012, 10:32 PM   #31
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I'm surprised there are still people who take Harper's words seriously

Via Vancouver Observer
Quote:
China National Offshore Oil Corporation (CNOOC)'s business with Iran came under fire on The Rachel Maddow Show in late September. Maddow highlighted CNOOC's $16 billion natural gas development deal with Iran in 2006.
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Given the scale of potential Chinese investment in Canada's natural resources, a major question that should be on many Canadians' minds is what percentage of ownership by the Chinese state is acceptable to Canadians in natural resources? Canadians are not happy about profits of their natural resources going out the state
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China National Offshore Oil Corporation (CNOOC)'s business with Iran came under fire on The Rachel Maddow Show in late September. Maddow highlighted CNOOC's $16 billion natural gas development deal with Iran in 2006.
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Old 12-07-2012, 10:33 PM   #32
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Ha...haha...hahaha

Firstly, Norway is not a corrupted communist nation who constantly abuses its power to further its own interests
that's exactly what Im trying to say, we wouldnt care if this was norway, but many (myself included) care because its fcking China. china is going to abuse their power and wont be playing by the same rules as western countries.

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And secondly, Harper keeping his word?!
yea, this I agree with you on, im kinda afraid of this, it's a slippery slope here, first oil, fertilizers next. . .. . .
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Old 12-07-2012, 10:37 PM   #33
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Does anyone remember the Sinopec file? And Sinopec isn't even as bad as CNOOC...

Spoiler!
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Old 12-07-2012, 10:41 PM   #34
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Here's the thing, if this was Statoil - a Norwegian state-owned company, we wouldnt give a shiet about state owned companies taking over Nexen.

But because it's China, it becomes a political issue. Yes I don't want foreign chinese workers coming in here or china doing whatever they want with our oil.

I'm not a Fan of Harper by any means. But I was pretty satisfied by the way he played this thing. He approved Both takeovers, and said that this is "The end of a TREND"!

and that future state owned deals WONT be approved unless its for exceptional circumstances. Harper played this one perfectly, he needed the extra capital that the Chinese will bring in to Alberta (as well as BC with petronas building in kitimat), so he gave the Chinese a bone here, and said this is the last one.

Let's face it, the CNOOC payed a huge premium for Nexen, look at the stock price before and after, Nexen's earnings isnt as great as it use to be and the stock price would have probably went down below pre-takeover prices.

As long as he keeps his word, and these are the two last deals, I think it's the right move.

Incorrect, any foreign takeover of a major Canadian resource firm is cause for arguement and rejection. This is not about racism, this is about the security of the country, and letting another country take the reigns of a chunk of oil production is not okay.
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Old 12-07-2012, 10:46 PM   #35
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We collapse under any sort of pressure other nations give us, Canadian politicians really need to grow a spine and think about the people for once, not just the 150 CEOs of Canada.

Don't even get me started on the F-35 deal.
He did think about the people, which is why he changed the rules and said this is the end of the line, where that be true is another thing.

He also has to please the business world and approve the takeover.
I voted NPD the last election, and even I can see why harper did what he did and its pretty obvious. Your sending the wrong signal to the markets by rejecting these deals.

It's easy for you to sit behind your computer and fail everyone who disagrees with your views, but maybe if your not just a student and understand the management side of business you will understand the importance of capital investment.
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Old 12-07-2012, 10:50 PM   #36
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He did think about the people, which is why he changed the rules and said this is the end of the line, where that be true is another thing.

He also has to please the business world and approve the takeover.
I voted NPD the last election, and even I can see why harper did what he did and its pretty obvious. Your sending the wrong signal to the markets by rejecting these deals.

It's easy for you to sit behind your computer and fail everyone who disagrees with your views, but maybe if your not just a student and understand the management side of business you will understand the importance of capital investment.

You are not considering the part about this investment being largely influenced by a foreign government's interests, this is not a company as we know it to be, this is a branch of their government wanting control over our resources.

I do not disagree that investment in Canada is a good thing, but money is not the pressing issue here.
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Old 12-07-2012, 10:53 PM   #37
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Incorrect, any foreign takeover of a major Canadian resource firm is cause for arguement and rejection. This is not about racism, this is about the security of the country, and letting another country take the reigns of a chunk of oil production is not okay.
I disagree, most people I talked to in the capital markets basically telling me that the Petronas deal probably would have been approved if the Nexen deal by China didnt come in. They couldnt just approve Progress (petronas) and reject Nexen.

Petronas is malaysian and they have a better "reputation" than china. Plus singapore is pretty open and free in a business sense.

It's political, if Statoil bid for Progress or Nexen, it wouldnt have been an issue.
Statoil actually owns quite a bit in Alberta already.
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Old 12-07-2012, 10:57 PM   #38
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I disagree, most people I talked to in the capital markets basically telling me that the Petronas deal probably would have been approved if the Nexen deal by China didnt come in. They couldnt just approve Progress (petronas) and reject Nexen.

Petronas is malaysian and they have a better "reputation" than china. Plus singapore is pretty open and free in a business sense.

It's political, if Statoil bid for Progress or Nexen, it wouldnt have been an issue.
Statoil actually owns quite a bit in Alberta already.

My issue is not with private enterprise, as I have already stated, this issue lies with a foreign government calling the shots. Statoil's 67% government ownership is cause for arguement.
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Old 12-07-2012, 11:00 PM   #39
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You are not considering the part about this investment being largely influenced by a foreign government's interests, this is not a company as we know it to be, this is a branch of their government wanting control over our resources.

I do not disagree that investment in Canada is a good thing, but money is not the pressing issue here.
Yes but Petronas and CNOOC have made many concessions and altered their bids in order to get approved. ie. having board members being Canadian, headquarters in Calgary etc etc.

Listen, I'm 100% in agreement with you here that I dont want China state owned companies operating in Alberta.

But that's not the deck of hands we are playing with here. Given that we have Harper and a conservative majority (keep in mind I dont like harper and dont vote conserative), this was the best, most realistic possible outcome that came out of this decision.

He got concessions by the companies before the approval, and approved the deal, pleasing his political base, and is changing the rules so that these type of deals wont happen in the future.
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Old 12-07-2012, 11:08 PM   #40
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^No

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as Alison Redford said.. should just lease out Resources than sell outright
^Yes
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Old 12-07-2012, 11:14 PM   #41
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Yes but Petronas and CNOOC have made many concessions and altered their bids in order to get approved. ie. having board members being Canadian, headquarters in Calgary etc etc.

Listen, I'm 100% in agreement with you here that I dont want China state owned companies operating in Alberta.

But that's not the deck of hands we are playing with here. Given that we have Harper and a conservative majority (keep in mind I dont like harper and dont vote conserative), this was the best, most realistic possible outcome that came out of this decision.

He got concessions by the companies before the approval, and approved the deal, pleasing his political base, and is changing the rules so that these type of deals wont happen in the future.

While those changes to the terms of their bids are more realistic, it does not change the fact that the company it's self is a foreign government entity.

I find it slightly more comforting that Harper has changed the rules for future engagements, but this deal has decreased my faith in Harper's government.

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Old 12-08-2012, 12:05 AM   #42
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Harper also said today he's tightening take-over rules for all industries from now on, not just oil. Let's hope he keeps his word. He better because I know the Chinese want our Potash and fertilizer resources as well. I'd be pissed if he approves takeover of our fertilizer companies.
something along the lines of closing the barn door after the horse has bolted comes to mind
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Old 12-08-2012, 01:24 AM   #43
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2 more months left in BC for me. I'm not gonna miss it here.
and we won't miss you either.
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Old 12-08-2012, 05:51 AM   #44
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I thought the government wants to PROMOTE more Canadian Businesses... WTF...

next up after getting rid of our resource companies, leasing/selling cities!!!
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Old 12-08-2012, 07:15 AM   #45
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Remember that China needs and relies on our exports to fuel their growth. If they piss us off we can turn off the taps. We are the ones in control.
This is untrue. With society so reliant on Chinese exports nowadays, can you REALLY turn off the taps? Look in your house, make a list of things not made in china, not very many. Even if you do find an alternative source, are you able to suck in the increase in price for the same merchandise? That's the problem with relying on imported goods, exactly like you said, tit for tat.
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Old 12-08-2012, 07:54 AM   #46
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Nexen is a nobody. They've been a buyout candidate for years now and they're not very well respected in the industry. EDIT: The truth is no Western Company would be willing to pay such a ridiculous premium for Nexen.

Only 11% of their revenue comes from Canada and they are in essence a non player in this country.

I get why people buy into the whole China bogeyman mentality, if I was uneducated and unable to think and observe critically I would probably believe everything US television told me too!

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You do understand that 40% of America's oil comes from Canada, right? Having a huge chunk of that being controlled (literally) by China is not okay.
Yes and currently we send about 95% of all energy exports to the US. While you obviously enjoy riding American dick, for the Canadian economy perhaps its not prudent to hedge our entire energy industry to the American state of affairs and economy. Regardless of what you believe about the industry, we've always given the American's right of refusal before seeking any deals elsewhere.

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Old 12-08-2012, 12:59 PM   #47
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The amount of misinformation in this thread is saddening. I work in the industry and have covered Nexen a few times, and their Canadian production accounts for roughly ~10% of their total production (majority of the total production is from North Sea). The Canadian portion of the production comes from their Long Lake SAGD project with production of only 18.2 mbbls/d as of 9/30/2012 as it has been struggling for many years with SOR being one of the highest among its peers.

I honestly have no idea why people are making such a huge fuss out of this, as if a major player like Suncor, CNRL, Cenovus, etc., was acquired or something. PotashCorp was blocked because it was the dominant player in the world with the largest potash production.

Yes, I bet China owns Alberta now.
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Old 12-08-2012, 01:04 PM   #48
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Old 12-08-2012, 04:59 PM   #49
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Well I think honestly he is trying to befriend with China to get more bunsiess under way, but I think this is just wrong any natural resource should be control by Canadian investors or Canadian own compnay with over 70% investor by Canadians.

We are literally selling Canada lol. What's next? Buy our Bydro company, power company and ship them to China leaving us with nothing or charge us doulbe or triple of what we pay now?
At the end of the day if they dont play by our rules they wont have permits which will mean they wont be able to do anything.
Cant even put up a smoke pit without getting a permit.
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Old 12-08-2012, 05:32 PM   #50
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At the end of the day if they dont play by our rules they wont have permits which will mean they wont be able to do anything.
Cant even put up a smoke pit without getting a permit.
and you think Harper won't give them the permit? LOL doesn't matter what he said. At the end of the day he can change his words or just say things have change now so we need to change as well.......
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