Chinese government will use Nexen’s marketing arm to suppress bitumen prices, warns report

Harper’s new ownership guidelines won’t stop Chinese from exerting control in Alberta’s oil sands,
according to new AFL report

CALGARY – Albertans concerned about the future of the oil sands should not be reassured by new guidelines for state-owned enterprises (SOEs) unveiled by Prime Minister Stephen Harper late Friday afternoon.

A new report prepared by the Alberta Federation of Labour entitled “China’s Gas Tank” shows that the Chinese have a plan for the oil sands – a plan that is not in the long-term best interests of the citizens of Alberta who are the real owners of the resource.

“Now that they own Nexen, the Chinese government will have control over the marketing of about 300,000 barrels of bitumen a day and they will increase their control of Syncrude, Canada’s largest oil sands producer, which will now have representatives from Sinopec and CNOOC on its board wielding veto power,” says AFL president Gil McGowan.

AFL president Gil McGowan will be available for media at the Canadian Council of Chief Executives conference in Calgary at the Palliser Hotel.

Where:
Outside the Alberta Ballroom
Palliser Hotel Calgary
133 - 9th Ave. SW, Calgary

When:

Monday, Dec. 10, 12:30 p.m.

Who:
Gil McGowan, President, Alberta Federation of Labour (780) 218-9888

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