abce certificate
Friday, 09 January, 2009, 22:40 GMT | more >>

Ottawa nod for Taqa's Canada move



By Upstream staff 

Canada’s PrimeWest Energy Trust said Canadian regulators had approved its proposed acquisition by Abu Dhabi National Energy Company (Taqa), announced in September.

PrimeWest said in a statement that Canada’s federal Industry Ministry had decided the deal was “likely to be of net benefit to Canada”.

The acquisition now requires the approval of PrimeWest shareholders and court approval.

Canadian media reported in October that the deal had prompted a rethink of foreign investment rules among the country’s lawmakers as it would hand a stake in Canada’s strategic oil sector to a state-controlled foreign company.

However, Canadian President Stephen Harper said the Taqa acquisition would be reviewed only under the country’s existing legislation.


Tuesday, 20 November, 2007, 17:53 GMT  | last updated: Wednesday, 21 November, 2007, 07:44 GMT

Celebration: Ottowa regulators say they are not opposed to Taqa's takeover of PrimeWest Energy Trust
 

e-mail this article to a colleague


to email:  from:
comments: