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Canada: Why Ottawa Must Accept Foreign SOE Investment

ByThe National Bank of Canada
Published 10/23/2012, 07:45 AM
Updated 05/14/2017, 06:45 AM
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Just before midnight last Friday, Ottawa surprised the investment community by rejecting the deal that would see Petronas acquire Progress Energy for $6 billion. We still think that the deal is possible, but Ottawa needs to be objective as not to impose double standards when it comes to investments by foreign state-owned enterprises (SOEs). At the end of the day, Canada must absolutely find new markets for its energy and Asia remains the prime destination for our products. As today’s Hot Chart shows, the latest projection by the Energy Information Administration (EIA) expects the U.S. to become a net exporter of natural gas by 2022! It is therefore in our country’s interest to quickly build the proper infrastructure that will give us access to new markets. Given the costs involved and the time required to develop such infrastructure, we think that patient investors with deep pockets should continue to be welcomed. Ottawa must become more comfortable with SOEs as investors. Asia is become critical to our energy future.
Why Ottawa Must Accept Foreign SOE Investment

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