Chinese energy giants set sights on Canada’s potash and fertilizer production

2012-11-2

Two of China’s largest state-owned energy giants — CNOOC and Sinopec — have expressed interest to the federal government about investing in Canada’s potash sector and fertilizer production, government documents obtained by Postmedia News show.

The documents also reveal the Conservative government was aware for the past year, well before the recent controversy over foreign investment rules and the takeover bid for Nexen, that CNOOC was interested in cooperating “with other oil majors in investments in Canada.” China was also looking for “early completion” of the Northern Gateway oilsands pipeline currently under review by a federal panel.

As the Conservative government finalizes a new policy framework on foreign investment — and considers CNOOC’s $15.1-billion takeover bid for Calgary-based petroleum producer Nexen — it has been doing so knowing that major Chinese national oil and gas companies have been looking to invest in potash and fertilizer processing as well.

The Harper government has already blocked an attempted hostile takeover of Potash Corp. of Saskatchewan by Australian mining giant BHP Billiton, arguing that crop nutrient potash was a strategic resource for Canada.

With that fresh in the minds of investors and the federal government, documents obtained by Postmedia News under access to information legislation show Chinese state-owned oil and gas companies such as China National Offshore Oil Corporation and Sinopec have told the federal government about their potential interest in investing in Canada’s potash sector and fertilizer processing.

The documents also show China already viewed Canada as a desirable place to invest and wanted an “early conclusion” of the recently signed Canada-China foreign investment promotion and protection agreement that is being hotly debated in the House of Commons.

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