China's CNOOC lauds Canadian approval of Nexen buy

BEIJING (AP) — China's state-owned CNOOC says it is delighted that Canada has approved its $15.1 billion takeover of Canadian oil and gas producer Nexen.

It is China's largest overseas energy acquisition, coming at a time when other Chinese companies such as Huawei are encountering difficulties in expanding in North America.

Wang Yilin, chairman of China National Offshore Oil Co., said the approval is recognition of the acquisition's economic benefits for Calgary, Alberta and Canada.

"I express my appreciation for Canada's welcome of our investment," Wang said in a statement Saturday.

But the Canadian government also said it would reject any future takeovers in the oil sands sector by foreign state-owned companies.

In 2005, U.S. lawmakers blocked a CNOOC bid to buy the oil company Unocal over national security concerns.

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