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July 27th, 2012

New Democrats ask for public review of Nexen takeover

NDP asks for hearings on China National Offshore Oil Corp purchase

OTTAWA – New Democrat MPs Peter Julian and Hélène LeBlanc have written to the Chairs of the Standing Committee on Natural Resources and the Standing Committee on Industry asking them to convene hearings into the purchase of Canadian company Nexen Inc, Canada’s 12th largest oil company, by the China National Offshore Oil Corporation in a $15.1 billion cash deal.

“The size and scope of this transaction raises important questions and Canadians deserve the opportunity to seek clarity on the commitments that CNOOC is making on protecting jobs, contributing to the community and consulting affected First Nations,” New Democrats write in their letter. “We ask that you convene meetings of each Standing Committee at the earliest possible convenience to engage in a full and comprehensive study of the proposed acquisition of Nexen Inc by CNOOC, and of the broader policy issues raised by this case.”