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US clears big Chinese oil deal
United States officials have signed off on Chinese oil giant CNOOC’s $15.1 billion purchase of the Canadian oil company Nexen, a deal that triggered U.S. review because Nexen has oil-and-gas assets in the Gulf of Mexico.
Nexen announced Tuesday that the Committee on Foreign Investment in the United States (CFIUS) has approved the transaction, and that the deal “now has all of the requisite approvals to proceed to close.”
CFIUS is a Treasury Department-led interagency panel that reviews foreign purchases of U.S. assets if the transactions could affect national security. The panel’s review had earlier delayed completion of the sale.
Nexen is a multinational company active in Canada’s oil sands, off West Africa’s coast and elsewhere.
CNOOC’s
takeover has drawn interest on Capitol Hill due to Nexen’s Gulf of
Mexico holdings and because Nexen is a significant player in Canada’s
oil sands.
Click here, here and here for earlier E2-Wire coverage of the CNOOC-Nexen deal.
