Canada says it needs foreign capital to develop its oil
TORONTO (Reuters) - Canada does not have enough money to develop its oil resources and move oil to market, and therefore welcomes foreign capital, Natural Resources Minister Joe Oliver said on Tuesday.
Oliver was answering a reporter's question about a $15.1 billion bid by China's CNOOC Ltd to buy Canadian oil producer Nexen Inc, and the possibility of state-owned Kuwait Petroleum Corp doing a joint venture in Canada's oil sands with Athabasca Oil Corp.
"I don't want to talk about that specific proposal because it will also be reviewed by the ministry, however we know that we have a need for an immense amount of capital to build the infrastructure necessary to develop the resources and move the resources to the market," he said. "We don't have enough capital in this country and so we are welcoming capital from the outside."