Sinopec Says Canada Hasn't Closed Door on SOEs

China Petrochemical Corp's international unit is weighing Canada's new foreign-takeover rules and believes there are still opportunities to invest in the nation's oil sands.

"We can still work by the joint-venture model or some other kind," Hou Hongbin, a vice-president of Sinopec International Petroleum Exploration and Production in Beijing, told reporters in Toronto on Wednesday.

Canada hasn't "closed the door" to State-owned enterprises investment, he said. Prime Minister Stephen Harper on Dec 7 allowed Chinese SOE to acquire Calgary-based Nexen Inc for $15.1 billion.