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Friday, November 15, 2013

Alberta to Canada's Harper: Clarify foreign investment rules, (NYSE: CEO)

The leader of Canada's main oil-producing province issued a rare direct rebuke of Prime Minister Stephen Harper's foreign investment policy on Friday, saying uncertainty over the rules was taking a serious toll on investment by foreigners. Alberta Premier Alison Redford was speaking a week after Harper said it would be "foolish" for the Canadian government to provide absolute clarity on the rules because it needed some discretion in considering takeover bids.After a meeting of provincial premiers, she told reporters that the rules had changed so often and so unilaterally that they were deterring foreign investors."It's too easy to say there needs to be a little bit of uncertainty. There is too much uncertainty right now," Redford said.Harper brought in new rules last December as he allowed China's CNOOC Ltd to purchase domestic energy firm Nexen Inc despite unhappiness among some legislators in the ruling Conservative Party, who did not like the idea of Chinese state-owned enterprise scooping up Canadian energy assets.

CNOOC Limited is an investment holding company. The Company, along with its subsidiaries, is a producer of offshore crude oil and natural gas and an independent oil and gas exploration and production company. Shares of CEO traded higher by 2.93% or $5.73/share to $201.27. In the past year, the shares have traded as low as $155.27 and as high as $226.77. On average, 108037 shares of CEO exchange hands on a given day and today's volume is recorded at 198550.