NDP opposes Nexen takeover by Chinese-owned CNOOC

OTTAWA – The federal NDP says it stands opposed to the proposed takeover of Calgary-based energy company Nexen by CNOOC, a state-owned Chinese corporation.

The official Opposition says the process to examine the takeover is deeply flawed and leaves too many unanswered questions.

NDP resources critic Peter Julian said the Harper government has failed to act in good faith and tell people the true consequences of the proposed $15.1-billion deal.

“We’re talking about a company that plays a key role in a critical sector of our economy,” Julian said.

He said the takeover raises questions about the future of Canadian jobs and the location of the new company’s head office.

It’s also unclear how Canadian environmental standards will be enforced.

“Foreign investments are crucial for reinforcing our economy, but we must ensure that these investments are not made at the cost of quality jobs and the sustainable development of our resources,” Julian said.

Industry critic Helene Leblanc said transparency is a key issue.

“By studying this transaction behind closed doors and not specifying what criteria they used to determine what represents a net benefit for the country, the Conservatives have given us no choice,” she said.

“When in doubt, it’s best to back off.”

Note to readers: This is a corrected story. An earlier version said the deal was valued at $1.5 billion.