Canada wants Chinese energy investments

Remains open to future acquisitions by Chinese energy companies.

Canadian Trade Minister Ed Fast said Canada was one of the world's most open investment destinations, and that it was committed to diversifying resource exports away from heavy reliance on the U.S.

"My message was clear today: We're open for business," Fast said.

Asked whether Chinese companies would be welcomed in the future to buy Canadian companies outright as seen in the Nexen acquisition, Fast reiterated that Canada was welcoming to Chinese energy and other investments.

China recently completed its US$15.1 billion acquisition of oil-sands operator Nexen by Chinese state-backed oil-and-gas giant CNOOC. The deal was the largest-ever corporate acquisition overseas by a Chinese company.

In approving the deal in December, Canadian Prime Minister Stephen Harper effectively closed the door on further acquisitions in Canadian oil sands by state-controlled companies, saying similar future deals wouldn't be in the country's overall interests.

Harper described the deal's approval at the time as the "end of a trend," and not the beginning of one.

Fast said Chinese investment and acquisitions were still warmly welcomed elsewhere in the energy sector despite the strong comments by Harper.