Progress Energy Canada and PETRONAS close LNG investment transaction with Japan Petroleum Exploration Co. Ltd. and secure first

Progress Energy Canada and PETRONAS close LNG investment transaction with 
Japan Petroleum Exploration Co. Ltd. and secure first LNG Buyer 
CALGARY, April 29, 2013 /CNW/ - Progress Energy Canada Ltd., Pacific NorthWest 
LNG Ltd. and Petroliam Nasional Berhad (PETRONAS) have closed the previously 
announced transaction that saw JAPEX Montney Ltd., the Canadian subsidiary of 
Japan Petroleum Exploration Co. Ltd. ("JAPEX"), acquire a 10 percent interest 
in Progress Energy Canada's natural gas assets in northeast British Columbia 
and in the proposed Pacific NorthWest LNG export facility on Canada's West 
Coast near Prince Rupert, British Columbia. As part of the transaction, JAPEX 
has agreed to buy a 10 percent share of the liquefied natural gas (LNG) 
facility's production for a minimum of 20 years for domestic use in Japan. 
"This JAPEX investment in upstream natural gas resources in British Columbia 
and the downstream LNG facility further solidifies the North Montney as a 
world-class natural gas asset, and it clearly defines British Columbia and 
Canada as attractive and competitive destinations for global investment," said 
Michael Culbert, President & CEO of Progress Energy Canada. "It also affirms 
the confidence in PETRONAS as a world class developer of LNG Projects. 
Progress has increased its development pace in northeastern British Columbia 
in 2013, building new capacity to supply Pacific NorthWest LNG with abundant 
Canadian natural gas for export beginning in late 2018. The LNG sale to JAPEX 
is the first of several LNG sale transactions that are being negotiated with 
LNG Buyers in Asia." 
About Progress Energy Canada
Progress Energy Canada, a leader in Canadian natural gas development, is 
building upon its history of performance excellence in North America to 
pioneer new infrastructure for delivering LNG to Pacific Rim markets. 
Producing more than 300 million cubic feet equivalent of natural gas per day 
in northeast British Columbia and northwest Alberta, Progress is serving 
Canadian markets and ambitiously expanding productive capacity on its large 
Montney land holdings in preparation for the opening of new LNG markets in 
Asia. Progress is wholly owned by PETRONAS of Malaysia, a global leader in LNG 
and the principle owner of Vancouver-based Pacific NorthWest LNG Ltd. Progress 
and Pacific NorthWest LNG are helping craft a bright new future for Canada's 
energy exports. 
About Pacific NorthWest LNG 
Pacific NorthWest LNG is planning to build a world-scale LNG export facility 
on Canada's West Coast at Lelu Island near Prince Rupert, British Columbia. 
The proposed facility will comprise an initial development of 2 LNG trains of 
6 mtpa each and a subsequent development of a third train of 6 mtpa. The 
proposed facility would liquefy and export natural gas produced by Progress 
Energy Canada in northeastern British Columbia. Pacific NorthWest LNG is 
committed to generating new economic and social benefits for the local 
community, British Columbia and Canada in an environmentally safe and 
sustainable manner. Pacific NorthWest LNG is principally owned by PETRONAS of 
Malaysia. 
Bank of America Merrill Lynch acted as financial advisor and Norton Rose 
Calgary acted as legal advisor to PETRONAS in connection with the transaction. 
Alan Boras Director NATIONAL Public Relations +1 403-444-1498 
SOURCE: Progress Energy Canada Ltd. 
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CO: Progress Energy Canada Ltd.
ST: Alberta
NI: OIL  
-0- Apr/29/2013 11:00 GMT
 
 
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