NEW YORK Nov 16 Canada needs foreign capital to
develop its oil sands and is in the "middle" of discussions on
how to approach foreign takeover bids such as that by China's
CNOOC for oil and gas producer Nexen, Finance
Minister Jim Flaherty said on Friday.
"It's clear that the amount of investment required to
develop the oil sands and other resources in Canada exceeds the
amount of capital within Canada, so it's inevitable that there
will be substantial direct foreign investment in Canada. The
question then is what form does that take," Flaherty told
reporters after giving a speech in New York.
Flaherty repeated that the government would issue a new
foreign investment policy framework in the not-too-distant
future. He said he did not know whether that announcement would
be simultaneous with decisions on Nexen and on Malaysian
state-run Petronas' bid for Progress Energy Resources