PETRONAS to acquire Canada’s Progress Energy in C$5.5bn deal

28 June 2012 16:07  [Source: ICIS news]

TORONTO (ICIS)--Malaysia’s state oil, gas and petrochemicals major PETRONAS has agreed a Canadian dollar (C$) 5.5bn ($5.3bn) deal to acquire Canadian natural gas firm Progress Energy, the companies said on Thursday.

In announcing the deal, PETRONAS and Progress Energy also said that they selected a site in Prince Rupert, British Columbia, for a planned liquefied natural gas (LNG) export facility on Canada’s west coast.

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)

By: Stefan Baumgarten
+1 713 525 2653

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