July 26, 2012
This past week it was revealed that one of China’s state-owned oil
corporations has made a bid to take over Nexen, one of the remaining
four large oil corporations operating in this country that are deemed to
be Canadian owned and controlled. Nexen is based in Calgary, but it is
known that around 65% of its stock ownership is foreign. In recent years
there has been a steady disappearance of major Canadian corporations as
they are being swallowed up by larger transnational corporations. This
is very noticeable in Saskatchewan. Erin Weir, and economist with the Steelworkers, has reminded us that the Saskatchewan Oil and Gas Corporation (Sask Oil), once a Crown corporation, was privatized beginning with Grant Devine’s Conservative government, became Wascana Energy, and then was taken over by Occidental Oil corporation, which then became Nexen. So much of Nexen’s land holdings and oil and gas wells in Saskatchewan will now end up as Chinese assets. How did this happen? Are Canadians incapable of running their own economy? Do all of the profits from the extraction of our non-renewable resources have to flow out of the country? Does anyone care any longer?






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