Chinese-owned Nexen Energy says it's replacing CEO Kevin Reinhart

April 23, 2014 - 12:50 PM

CALGARY - Nexen Energy, the Calgary-based oil and gas company acquired by Chinese state-owned firm CNOOC Ltd. last year, says it's replacing its CEO.

The company says Kevin Reinhart is departing Nexen after a 20-year career there.

Reinhart ushered Nexen through its contentious sale to CNOOC last year for $15.1 billion.

The deal caused Ottawa to rethink its rules around foreign state-owned control of Alberta's vast oilsands resources.

CNOOC executive vice president Fang Zhi will be Nexen's new boss.

The company says Fang is well known to Nexen's leadership and that its strategy and priorities remain unchanged.

News from © The Canadian Press, 2014

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