China achieves milestone in energy security- inching towards absolute self reliance !

China’s National Offshore Petroleum Corporation (CNOOC) has completed a $15.1 billion deal to absorb the Canadian oil company Nexen. According to analysts this is the largest acquisition of a foreign energy company by Beijing. Nexen is extracting oil in Canada, Nigeria and the Middle East. The takeover was originally announced in July and was completed in seven months. The last obstacle was removed when the United States gave its approval because of Nexen's extraction work in the Gulf of Mexico. According to a Nexen shareholders will be paid 27.5 dollars per share. In a few days Nexen’s stocks will be delisted from the Toronto and New York stock exchanges while Kevin Reinhart will stay on as CEO of the company which is now a 100% subsidiary of CNOOC.

More on :