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A security officer stands outside the headquarters of China National Offshore Oil Corp (CNOOC) in Beijing.
A security officer stands outside the headquarters of China National Offshore Oil Corp (CNOOC) in Beijing.
(CLARO CORTES IV/REUTERS)

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CNOOC’s TSX listing all about transparency

Mostly lost in the coverage of the CNOOC-Nexen deal and the clampdown on state-owned companies in the oil sands is the Chinese oil giant’s decision to agree to list shares on the Toronto Stock Exchange.

Imposing such a condition to meet the infamous “net benefit” test for foreign investment is a first for Ottawa, says Oliver Borgers, a lawyer with McCarthy Tétrault LLP in Toronto. And it could be a sign that the government will seek similar concessions from other state-owned enterprises looking to make major acquisitions here, he says.