28 June 2012 16:07 [Source: ICIS news]
In announcing the deal, PETRONAS and Progress Energy also said that they selected a site in
The acquisition comes a year after the companies agreed to jointly develop Progress' Canadian shale gas properties.
PETRONAS said that the acquisition of Progress is consistent with its strategy of strengthening its position as a leader in the global LNG industry.
"The proposed transaction will combine PETRONAS' significant global expertise and leadership in developing LNG infrastructure with Progress' extensive experience in unconventional resource development to build a strong and growing world class energy business based in Canada," said Anuar Ahmad, executive vice president of the gas and power business for PETRONAS.
($1 = C$1.03)
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