CNOOC's Nexen bid 'will be approved'

CNOOC Ltd will eventually get approval from the Canadian government to purchase energy producer Nexen Inc and the approval delay will not change the result of the deal, said Jeremy South, global mining leader of Deloitte, on Tuesday.

He made the comment during an interview with China Daily, saying the Canadian government is working on forming a policy to apply to all similar cases in the future, which is the main reason for the approval delay.

Meanwhile, the Canadian government wants Canadian companies to get better access to invest in China in many sectors including banking and mining.

However, he said if China wants to invest in resources fields in North America, it will meet bigger challenges from the political sector.

"Government relationships between the countries are an important factor influencing mergers and acquisitions in the global mining market," he said.

He added he is not sure whether any Canadian companies are interested in China's shale gas development.

Karl Baker, partner for mining advisory at Deloitte, said Canadian companies have advanced shale gas development technologies which China needs and it will be mutual beneficial for both to cooperate.

dujuan@chinadaily.com.cn