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Rivals upbeat after CNOOC-Nexen deal

Published By United Press International
CALGARY, Alberta, Dec. 11 (UPI) -- Canada's approval for the Chinese acquisition of Alberta oil company Nexen could mean good things for the country's LNG potential, those in a similar deal said.

Shareholders in Canadian energy company Progress Energy in August approved of the takeover by Malaysia's state-owned energy company Petronas. Both companies said they expect to complete the transaction Wednesday.

The Canadian government this week gave its approval for the $15 billion takeover energy company Nexen Inc. by China National Offshore Oil Corp.

"(The CNOOC-Nexen) approval by the Canadian government marks an important step in our plans to develop a liquefied natural gas export business," Progress Energy Chief Executive Officer and President Michael Culbert said in a statement.

Culbert said the new partnership was moving forward with preliminary work on the front-end engineering design work for its Pacific Northwest LNG project. Progress explained a final investment decision is expected in 2014 and first gas is expected in 2018.

Canadian Minister of Industry Christian Paradis had said in a letter to Petronas that he was "not satisfied" the $6 billion bid was in the national interest.
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Tour de France concludes in Paris
Race winner Bradley Wiggins of Great Britain (C) stands between second place finisher Christopher Froome of Great Britain (L) and third place finisher Vincenzo Nibali of Italy on the presentation podium following the final stage of the Tour de France in Paris on July 22, 2012. Wiggins of Great Britain became that country's first ever overall winner of the Tour de France. UPI/David Silpa