Deals
Petronas Enters Canada Gas Fields With Plan for Exports
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Petroliam Nasional Bhd, Malaysia’s state-owned oil company, made its entry into Canada by agreeing to pay Progress Energy Resources Corp. as much as C$1.07 billion ($1.1 billion) for stakes in natural-gas fields with the potential for exports to Asia.
Petronas will pay C$267.5 million for a 50 percent share in the three fields in British Columbia, Calgary-based Progress said in a statement today. The Malaysian company also will fund 75 percent, or up to $C802.5 million, of field development costs for the next five years and will explore a possible liquefied natural gas terminal to export the fuel.