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POGG Canada » Published Resolutions
9
Oct 13

Resolution re: Proposed Sale of Canadian Non-Renewable Resource

The following Resolution, prepared by an ad hoc POGG Resolution Committee, was sent by President Rod Packwood on October 9, 2013 to the Hon. John Baird, Minster for Foreign Affairs and International Trade:

For further inquiries, contact gary.chivers@POGGtalk.org

Whereas,
the Government of Canada is currently reviewing the Chinese National Offshore Oil Company (CNOOC) bid to buy outright Calgary-based energy producer NEXEN, and

Whereas,
the Ottawa- based public policy group, POGG (Peace Order and Good Government) consider this transaction to be a foreign government takeover of a politically sensitive non-renewable national resource, and

Whereas,
investments in Canada by foreign consortia and companies are intent on maximizing shareholder return while conforming to Canadian laws, CNOOC exists to implement the political and economic objectives of the Chinese government; economic and societal benefits to Canada and its citizens will be subservient to their objectives, and

Whereas,
the NEXEN takeover by CNOOC will set a precedent with unknown negative consequences with respect to:

  1.  future takeovers of Canadian natural resource and other nationally strategic companies by sovereign foreign entities and
  2.  Canadian sovereignty and security inherent in these companies

It is resolved that,
POGG expresses to the Canadian Government its deep concern with respect to the CNOOC takeover of NEXEN and requests that it not be allowed to proceed before a thorough review of ALL Canada's Foreign Investment Policy has been completed and publicly promulgated.