Oilsands’ growing relationship with state-owned companies

Infographic: Recent history shows Calgary’s energy producers are getting used to the idea of playing ball with foreign state-run enterprises.

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Oilmen of a certain vintage might wonder exactly what’s going on in Calgary these days. After all, the city that famously mocked Petro-Canada’s 1980s head office as “Red Square” now seems only too keen to give state-owned enterprises a sip of our oilsands milkshake. The same can’t be said of Ottawa, which is trying at once to attract investment and diversify Canada’s export markets without ceding control of our resources to companies controlled by powerful foreign governments (read: China). Recently, the fate of CNOOC’s bid for beleaguered Calgary oilsands producer Nexen became even more uncertain after the federal government blocked a $6-billion takeover of Progress Energy Resources Corp. by Malaysia’s Petronas at the eleventh hour. But take a look: Calgary’s energy producers are clearly getting used to the idea of playing ball with foreign state-run enterprises.


 

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