Party Investigates Insider Trading Case Linked to CNOOC-Nexen Deal

(Beijing) – The Communist Party's anti-corruption watchdog is investigating the insider trading case related to China National Offshore Oil Corp.'s (CNOOC) purchase of Canadian firm Nexen, sources close to the matter say.

On July 23, CNOOC announced the US$ 15 billion deal to buy Canadian oil firm Nexen Inc., which would be the largest overseas acquisition by a Chinese company. Five days later, the U.S. Securities and Exchange Commission (SEC) said it would investigate alleged insider trading linked to the deal.