Long way to go for CNOOC after Nexen takeover approval (5)

He said his government has "determined that foreign state control of oil sands development has reached the point at which further such foreign state control would not be of net benefit to Canada."

Shen advised encouraging more private firms to engage in overseas acquisitions, especially those of resources firms, to avoid the hassles.

China's leading oil and gas developers spent nearly 20 billion U.S. dollars in 2011 on the purchase of overseas assets, compared with 150 billion U.S. dollars spent worldwide in this sector, according to a report by the Economic and Technology Research Institute of the China National Petroleum Corp. in February.

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