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CNOOC, which became China’s biggest spender in Canada with the 2009 acquisition of oil and gas producer Nexen Inc. for $15.1-billion, has proposed to build the Aurora LNG project near Prince Rupert, B.C., but Chen is not optimistic it will get off the ground any time soon.

“The federal government (in Canada) is a weak government, not like China in comparison,” he said. “Most resources are located only in Alberta … and Alberta is an inland state, they can only transport to the U.S. You go to Pacific, you have to negotiate with B.C. and B.C. has a lot of First Nations. I participated in three (annual LNG) conferences. They continuously talk about First Nations issues. I didn’t see any progress.”

While competition for energy markets is intensifying from Russia, Australia, and now even Iran, in Canada “you just go according to your own pace,” said Chen.

The comments come as Canada’s Prime Minister, Justin Trudeau, hopes to rebrand Canada as more than a petro-state and to invite new investment this week in Davos, where the world’s business and political elites are meeting for the World Economic Forum.

Chinese companies were also invited by the federal and various provincial governments to invest in Canada, when its energy abundance was the flavor of the day. Chen said there is regret in some Chinese quarters about the Canadian investment spree and it’s unlikely to be repeated.

Private Chinese investors who are still enthusiastic about North American energy are pouring their cash into the U.S., which has successfully transformed itself from a large energy consumer into an energy exporter, he said.