In an apparent show of commitment to Canada’s interests, CNOOC is pledging to set up a regional headquarters in Calgary, Alberta, where Nexen is based. It also says it will keep the Canadian company’s management and projects in place and list shares on the Canadian bourse in Toronto.
Petronas has also made a series of promises in the proposed takeover of Progress.
John Manley, president of the Canadian Council of Chief Executives, applauded the decisions to approve the deals, noting Canada needs foreign capital.
‘‘The decision to approve the acquisitions of Nexen Inc. and Progress Energy Resources Corp. sends a positive signal to investors in Canada and around the world,’’ Manley said.
First Asset Investment Management Analyst John Stephenson said foreign state-owned companies will continue to grab minority stakes in Canada’s oil sector.