Nexen deal ends foreign state-owned purchases in the oilsands, say feds

The oilsands. (QMI Agency/Pascal Ratthé)

The oilsands. (QMI Agency/Pascal Ratthé)

Daniel Proussalidis, Parliamentary Bureau

, Last Updated: 7:34 PM ET

After approving two major buyouts of Canadian energy companies by foreign, state-owned enterprises, the federal government is introducing new rules to all but block further attempts by similar companies to buy their way into the oilsands.

"Foreign state control of oilsands development has reached the point at which further such foreign state control would not be of net benefit to Canada," Prime Minister Stephen Harper said Friday.

Harper says future attempts by foreign state-owned companies to take control of a Canadian oilsands business will be approved only in "exceptional" circumstances.


Videos

Photos