The Improving Climate for SOE Investment in Canada’s Resource Sector

Frank Turner, Peter Glossop

April 2014

Acquisition International


Canada’s vast energy resources require significant investment to unlock their full potential beyond what Canada’s own capital markets can provide.... The availability of SOE capital has been one of the drivers of the growth in the Canadian oil and gas sector.

In 2013, SOE investment in the sector declined precipitously due in part to policy changes under the Investment Canada Act announced at the end of 2012 which placed limited restrictions on SOEs investing in Canada....

However, 2013 saw material progress in addressing some of the issues that were deterring further SOE investment.... Accordingly, there is reason to be optimistic that there will be significantly more SOE investment in the Canadian oil and gas sector in 2014, albeit not at levels seen in 2012.

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