China oil company CNOOC buys Nexin 15.1 Billion

[Backbay]

Originally Posted by Sundancefisher

A bigger foothold in what...Nexen is hardly a major player in Canada.

Last year's revenues were 6.5 Bln, which is a far cry from the largest player in the patch, but hardly insignificant.

[The Elkster]

Hahaha and I'm sure you struggle to pay your premiums eh hal. Again pretty sad how the excuses flow at the convenient time.

honestly I don't expect anyone to waffle here but hopefully they think a little harder about taking a stand when in personal reflection. Not much point going to church or spouting off about the left when you sell out on personal ideals the minute its convenient.

[hal53]

Originally Posted by The Elkster

Hahaha and I'm sure you struggle to pay your premiums eh hal. Again pretty sad how the excuses flow at the convenient time.

honestly I don't expect anyone to waffle here but hopefully they think a little harder about taking a stand when in personal reflection. Not much point going to church or spouting off about the left when you sell out on personal ideals the minute its convenient.

No...you are just a sadly mis informed person about how the economy/world works, nothing to do with left or right, but you like to drag it into every conversation, and we're used to that. So....when you finally answer my previous questions, and get your infernal politics out of the game, we shall carry on this conversation, until you do, I will assume you are the mailboy at Bow Valley 4.....

[The Elkster]

No, I just don't agree with your convenient little view of the world. Funny enough you didn't have the ability to answer one of my questions. I see you have taken to FOX news tactics of belittling anyone who doesn't share your vision so i digress. I thought we could have an intelligent thought out conversation but obviously that is beyond some. Cheers and good luck to your soul. Enjoy the money dude.

[hal53]

Originally Posted by The Elkster

No, I just don't agree with your convenient little view of the world. Funny enough you didn't have the ability to answer one of my questions. I see you have taken to FOX news tactics of belittling anyone who doesn't share your vision so i digress. I thought we could have an intelligent thought out conversation but obviously that is beyond some. Cheers and good luck to your soul. Enjoy the money dude.

???.....enjoy....???...don't get the "money" thing that you can't wrap your head around....but anyway....nice talking>>>>>>

[greylynx]

Originally Posted by The Elkster

And not a word of concern on taking a stand against a commie country you are so against. Telling...

Its hard to believe that on a conservative based board that there isn't pages of outrage over a China getting a bigger foothold and not a word from Rocky7. It speaks to just how strong the almight dollar talks and the degree to which we are willing to sell out personal beliefs for a buck.

Elkster:

Did your stock portfolio with Nexan show a bunch of capital losses last year?

Maybe you should find a new broker.

As for the "dollar talking" us geezers have a term. Whiskey talks bull xxxt walks. Ancient Hal proverb.

And if you ever want to find out what is behind something sleezy and disgusting follow the money......old AO geezer saying.

[Sundancefisher]

Originally Posted by Backbay

Last year's revenues were 6.5 Bln, which is a far cry from the largest player in the patch, but hardly insignificant.

I am referring to assets in Canada...sorry. 70% of that is from international operations. They are not big in Canada...which goes to the protectionism discussion.

[The Elkster]

Originally Posted by hal53

???.....enjoy....???...don't get the "money" thing that you can't wrap your head around....but anyway....nice talking>>>>>>

I'll remind you next time you knock socialism/communism. You know...how you passed up on a chance to at a least symbolically if not economically stick it to China...cause it'd hurt your bottom line. People talk a good game but when it comes time to take the ball they fold like a cheap deck of cards. I'm sure your future offspring will thank you. And hey if money means that much more than moral standards then more power to ya. I'd be interested to hear your thoughts on your deathbed when money don't mean sh!t.

[pikergolf]

Originally Posted by greylynx

Elkster:

Did your stock portfolio with Nexan show a bunch of capital losses last year?

Maybe you should find a new broker.

As for the "dollar talking" us geezers have a term. Whiskey talks bull xxxt walks. Ancient Hal proverb.

And if you ever want to find out what is behind something sleezy and disgusting follow the money......old AO geezer saying.

I'm following the money, right to China. Your big on following the money, when you speak of enviromentalists, but when you really follow the big money it leads to Co. whose bottom line is always set to keep us the share holders happy. I don't really blame the oil Co., they make money, if they didn't no one would buy stocks. So if you really follow the money, it leads to share holders with unrealistic expectations, with the Co. doing whatever to meet those expectations. So as it is said money talks, check your porfolios if you are really against this, and stop buy China junk.

[dantonsen]

Asians are probably the largest investors in alberta besides the US.

knooc is in with MEG

Petronas indonesian state oil company just snatched up Progress for 5 billion

Jacos,(japan) runs hangstone 30 000boe/day hanging stone project

Sinopec bought Conocos 10 billion stake in syncrude

Li Ka-Shing of hong kong is the largest shareholder of husky and continues to invest more

Southern pacific resources 30 000bopd facility is backed by asians to a large degree

Sun oil which holds 15% of the athabascan deposit leases is asian backed and listed on the heng seng...(sp?)

Athabasca oilsand inc sold most of it's oilsands leases to knooc or cnooc six months ago or so

3 billion take over of daylight by cnooc?

Pennwest had about 600million kicked into them by an asian firm

I think encana and petrochina ended their JV in the horn river montney in BC, that was supposed to be about 5 billion

Talisman sold 49% stake of their north sea assets to knooc this morning too, I think the dollar figure was about 1.6 billion

Then there is alberta pulp.... DMI, alberta pacific, west fraser... well brookfield has a big chunk of westfraser but being from Van I'd imagine asians got a chunk too.



These foreign companys are the only ones putting serious money into the oilsands.. the frrench (Total) are going in with suncor and Teck to get voyageur upgrader, Josylen, and forthills going again. Shell got albian going. Exxon/imperial got kearl going.

The canadian government got syncrude and suncor started the rest have been foreigners, alberta owes it's short lived wealth in construction wages to foreigners. Hopefully they don't ever get the right to use foreign production workers

Statoil bought their oilsands leases for 1.2 billion and flipped them for 3 billion and tossed the money into the remaining leases.... smart buggers


That's just the deals I know off the top of my head

[big zeke]

Nexen has been a target by several companies over the years although the highest figures thrown around prevously are a small fraction of the CNOOC windfall. It is hard for a profit making business to compete with a national government that can handle very low return rates. Just because CNOOC has bought in does not mean they will make a killing, many NXY assets in Canada are high cost-low return properties many of which will require tons of cash still; their real treasures are international and generally in assets they don't operate. A 61% premium is a whopping amount and it will certainly seal the deal...chow mein anyone?

Don't be foolish, many international companies have set up shop in Calgary and are looking for partnerships and buyout deals. They have epic warchests and can handle poor economics much easier than a company that lives on market cap. Historic second and third world countries that see energy security as key in their growth, poor economics are no impediment.

In the end, taking out NXY might be a good thing; they were a medium sized local player and a blip in the world, nobody locally was going to touch them and they sorely needed a change at the top (despite Romanow et als departure this spring). The feds need to step in, add some conditions that will keep as much cash in Canada as possible, protect local jobs and will allow foreign companies to invest where we cannot or will not.

It's all good...I think
Zeke

[BCman]

This deal will be approved no doubt about it, Harper's visit to commie land probably discussed this already many times over.

[BCman]

Originally Posted by dantonsen

The canadian government got syncrude and suncor started the rest have been foreigners, alberta owes it's short lived wealth in construction wages to foreigners. Hopefully they don't ever get the right to use foreign production workers

I agree, that's my biggest worry.

[sjd]

With our sweetheart royalty rates, I wonder how much more money per barrel Chinese and Norwegian citizens are going to make off the extraction of our resources than us, the owners.

I can just imagine them laughing at us and our naivite

I agree with one of the original posters. I've got nothing against foreign investments, but foreign governments is another matter entirely.

It also makes a mockery of the cons and their bizarre "foreign interests trying to shut down Canada" rant on Enbridge Gateway. If there is a puppet of foreign interests its Mr Harper - now doing the bidding of the state oil companies of China.

[chasingtail]

Why blame Harper?, Redford just got back from China. It's the Alberta politicians wanting Chinese Investment and Alberta politicians wanting all the foriegn workers they can get. When there was on offer on Potash Corp it was Premier Brad Wall that spoke up and had Ottawa squash the deal, Redford could do the same.
The Wildrose party is missing the boat on a lot of things lately.

[gutline homestead]

agree totally. they should not own us. who are the ones helping them do this, would sure like to know if they are getting a big ole fee for selling us out.Like the personal names not the title they hide behind, bet they don`t stick their their names out there.is it the same idiot that gave the chinese gov. some sort of thing involving our military machines. an how come i couldn`t activate my cell phone unless i clicked the ASIAN freindly icon ,on the computor activation of it.IT`s TRUE.refused to activate till i gave up an clicked it.

[gutline homestead]

wasn`t there some fatalities in Ft. Mcmurray a couple years ago because the workers were asian an couldn`t speak english.

[gutline homestead]

they don`t care about profit ,they will buy anything they can that will give them an inc..milimetre of control on us.they will threaten to sell it all off in one shot if our gov don`t dance for em.Anyone who thinks the chinese gov is our freind is really .........{not aimed at any one in particular. just don`t don`t get sucked into the old story about how it`s good for use in the long..]

[catnthehat]

Originally Posted by gutline homestead

wasn`t there some fatalities in Ft. Mcmurray a couple years ago because the workers were asian an couldn`t speak english.

It had nothing to do with their nationality nor their lack of the English language but everything to do with a contractor promoting unsafe work practises with unqualified workers .
Cat

[Sundancefisher]

Originally Posted by sjd

With our sweetheart royalty rates,

LOL

Check out past threads on this. You clearly don't fully understand the issue.

[Okotokian]

Originally Posted by dantonsen

Asians are probably the largest investors in alberta besides the US.

knooc is in with MEG

Petronas indonesian state oil company just snatched up Progress for 5 billion

Jacos,(japan) runs hangstone 30 000boe/day hanging stone project

Sinopec bought Conocos 10 billion stake in syncrude

Li Ka-Shing of hong kong is the largest shareholder of husky and continues to invest more

Southern pacific resources 30 000bopd facility is backed by asians to a large degree

Sun oil which holds 15% of the athabascan deposit leases is asian backed and listed on the heng seng...(sp?)

Athabasca oilsand inc sold most of it's oilsands leases to knooc or cnooc six months ago or so

3 billion take over of daylight by cnooc?

Pennwest had about 600million kicked into them by an asian firm

I think encana and petrochina ended their JV in the horn river montney in BC, that was supposed to be about 5 billion

Talisman sold 49% stake of their north sea assets to knooc this morning too, I think the dollar figure was about 1.6 billion

Then there is alberta pulp.... DMI, alberta pacific, west fraser... well brookfield has a big chunk of westfraser but being from Van I'd imagine asians got a chunk too.



These foreign companys are the only ones putting serious money into the oilsands.. the frrench (Total) are going in with suncor and Teck to get voyageur upgrader, Josylen, and forthills going again. Shell got albian going. Exxon/imperial got kearl going.

The canadian government got syncrude and suncor started the rest have been foreigners, alberta owes it's short lived wealth in construction wages to foreigners. Hopefully they don't ever get the right to use foreign production workers

Statoil bought their oilsands leases for 1.2 billion and flipped them for 3 billion and tossed the money into the remaining leases.... smart buggers


That's just the deals I know off the top of my head

No one is arguing against foreign companies or ownership, or asian companies, or Chinese companies. The issue is the Chinese GOVERNMENT (through state-owned and controlled corporations) owning or controlling the development of our resources.

[BCman]

Well what do we have here?

CSIS said to be probing financial links between First Nations, China


Activist Calvin Helin says he’s been leading delegations of Canada’s aboriginal groups to China since 1994.

CALGARY — Canadian Intelligence Services appear to have probed financial links between First Nations groups and Chinese companies as scrutiny continues to mount on China’s interest in this country’s natural resources sector.

This week, Chinese oil company CNOOC Ltd. announced a $15-billion takeover bid for Calgary-based Nexen, a proposal that will have to pass scrutiny under the Canada Investment Act. The deal seems to be raising warning flags among politicians who fear the energy-hungry superpower’s influence in Canada’s oil patch.

Vancouver-based lawyer Merle Alexander said he was approached by Canadian Security Intelligence Service agents twice, in 2010 and in 2011, after presenting seminars on a memorandum of understanding signed between the Kaska Nation and Silvercorp., a B.C. company with Chinese links.

He said they identified themselves with CSIS badges and “appeared interested in determining whether there is direct involvement or influence between the Chinese government and First Nations governments,” he said

CSIS declined to comment.

According to the CBC, Nexen’s CEO also met with CSIS director Richard Fadden in April of this year to discuss security issues.

As China’s economy has continued to grow in the face of the global economic slowdown, its appetite for natural resources has become ever more voracious. And that has led capital-rich investors to resource-rich Canada.

Last year, the China Investment Corporation — one of the largest sovereign wealth funds in the world — established its first overseas office in Toronto.

In 2009, the fund purchased almost one-fifth of the shares of Teck Resources, a Canadian company with 13 mines around the world.

China has also made several purchases in the Alberta oil patch: in 2010 Sinopec snagged a 9% stake in Syncrude for $4.65-billion and, more recently, PetroChina purchased 40% of the MacKay River project from the Athabasca Oil Sands Corp. for $680-million.



Nexen Inc.


China's CNOOC announced a $15-billion takeover bid earlier this week for Calgary-based Nexen. The proposal will have to pass scrutiny under the Canada Investment Act.

The massive Nexen proposal — one of the largest investments China has attempted in the oilpatch to date — is expected to generate much political fretting according to Theodore Moran, a senior fellow with the Peterson Institute for International Economics. He published a paper in March examining Canadian concerns with Chinese involvement in the resource sector. Fears tend to circulate around three issues, he said; firstly, that China will become such a powerful player in the global oil market that the country will be able to manipulate supply; secondly that sensitive technological information will be leaked to the superpower and, lastly, that China could gain a foothold in Western nations’ information technology, leading to privacy concerns and spying.

Although Mr. Moran said the latter concern was legitimate, many of the other concerns are overwrought. Even the Nexen deal is small by global standards: it wouldn’t give China enough of a foothold to manipulate or limit access to Canada’s oil supply, he said.

“Energy is almost visceral,” he said. “This is what God gave Canada or this is what God gave Texas. Those are very sensitive issues.”

Add to the sensitivity around resources, First Nations groups have been the subject of surveillance in Canada for more than 40 years, said Gary Kinsman, a professor of sociology from Laurentian University who has written widely on national security issues.

Police and intelligence services have typically targeted activist and, lately, environmental groups.

“There’s nothing new about this at all, nothing surprising,” he said. “What’s interesting is the new interest and concern about foreign investment that seems to be turned against the environment movement on one hand and First Nations communities on the other.”

The groups under watch raise the question about whose national security is being protected, he added.

“It certainly doesn’t sound like they’re talking about the national security of First Nations communities, but the security of the business elites who might want to develop these resources for themselves.”

As the market for Canada’s resources continues to heat up, aboriginal activist Calvin Helin said it should come as no shock that the Chinese are becoming more adept at dealing with First Nations groups directly.

The Chinese “are the biggest source of investment in the world right now, particularly in economies that have a lot of commodities.”

The author of Dances with Dependency, a book that encourages First Nations groups to take on more economic independence, Mr. Helin said he’s been leading delegations of Canada’s aboriginal groups to China since 1994.

China’s economic prowess presents a potential bonanza for First Nations communities, many of which have a major stake in oil, gas, mining and lumber developments.

“In the last three or four years, things have really gotten busy,” he said. “It’s no secret that China needs every conceivable kind of commodity. All the base metals, lumber, food sources.”

In the past, many of these foreign investment firms might have made only token offerings to local native groups, he said. But that’s changed.

Aboriginal groups are becoming more vocal about what will and won’t be permitted on their territories — several nations have mounted an effort to stop the Northern Gateway pipeline, for example, which proposes to ship Alberta bitumen to a port in Kitimat, B.C.

“The era of companies coming to Aboriginal groups and throwing beads and trinkets is over. All the companies doing business in Aboriginal territory have to do so on the basis of a real partnership, and that means revenue sharing.”

The Chinese understand this, he said.

“They don’t have preconceived ideas about dealing with Aboriginal people. It’s an interest group that has leverage and power over projects. Chinese people are generally practical.”

Mr. Helin said he doesn’t begrudge CSIS examining deals between First Nations communities and China, but said it’s a bit odd.

Mr. Alexander agreed, saying most Aboriginal people don’t necessarily have a preference about with whom they do business.

However, “In my opinion, the Chinese, are developing a more sophisticated understanding of the duty to consult and impact benefit agreements,” he said. “Most Canadian-based companies see the duty to consult simply as a liability, not an asset.”

http://news.nationalpost.com/2012/07...nations-china/

[gutline homestead]

Originally Posted by catnthehat

It had nothing to do with their nationality nor their lack of the English language but everything to do with a contractor promoting unsafe work practises with unqualified workers .
Cat

Oh ,O.K. never knew the real story. does that mean the were not asian and they could communicate in english?