Deals
Asian LNG Exports Drive Canadian Gas Industry Purchases: Energy
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The prospect of shipping liquefied natural gas to Asia helped convince Petroliam Nasional Bhd to buy Canada’s Progress Energy Resources Corp. The purchase may trigger other partnerships for cash-strapped Canadian producers.
Malaysia’s state-owned energy company, known as Petronas, said it will push ahead with a 2011 agreement with Calgary-based Progress to develop a LNG terminal on Canada’s Pacific coast as part of its C$4.8 billion ($4.64 billion) acquisition announced yesterday. The companies plan to start shipments by 2018, Progress Chief Executive Officer Michael Culbert and Petronas Executive Vice President Anuar Ahmad said in a joint interview.