Petronas Maintaining Operations In Canada

KUALA LUMPUR, June 4 (Bernama) -- Petroliam Nasional Bhd (Petronas) today denied news reports claiming the national oil firm is leaving Canada. 

“Any reports that claim Petronas is leaving Canada are inaccurate,” Petronas said in a reply to Bernama’s query.

On Tuesday, Petronas was reportedly considering options for its Canadian company, formerly known as Progress Energy Resources Corp, including a sale, according to people familiar with the matter.

Petronas stated it is committed to its investments in Canada, where it operates the North Montney Joint Venture upstream gas development and is a major partner in the LNG Canada gas liquefaction facility in Kitimat, BC.

“With LNG Canada preparing for its first cargo this year, Petronas is proud to be providing lower-carbon, reliable Canadian liquefied natural gas to support global energy markets for decades to come,” it added. 

Petronas acquired Progress Energy in 2012 for approximately US$5.3 billion, significantly expanding its shale gas portfolio and strengthening its gas supply base. 

The national oil company also owns a 25 per cent stake in the LNG Canada project, a major liquefied natural gas joint venture alongside Shell Plc, PetroChina Co Ltd, Mitsubishi Corp, and Korea Gas Corp.

-- BERNAMA