Thursday, January 31, 2008

Taqa oil deal needs reviewing by Diane Francis

"Quite frankly ? the United States is so difficult for anybody to invest in because of [such rules as the] Patriot Act," Peter Barker-Homek, chief executive of TAQA, or Abu Dhabi National Energy Co., August 2007

Where does Taqa North Ltd., a foreign company, come off talking about snapping up Canadian energy companies while a review about foreign ownership is underway and won't be done until June?

Abu Dhabi's Taqa boasted last week that it had been given the go-ahead to look for more acquisitions by Jim Prentice, the Industry Minister. It wants to become one of Canada's biggest energy companies.

And I don't want it to. Neither do most Canadians if asked.

Circumventing government reviews is unacceptable to most Canadians, and it is strange that the company cites Mr. Prentice as encouraging takeovers. He is the minister who imposed a chill on foreign buyouts in the fall, announcing that a review was going to be undertaken.

So what gives? Is this guy just testing our limp, wimp Tory government? Read more...

East woos West in oilsands
Taqa on prowl for more Canadian acquisitions