![[UPDATED] Petronas denies Canada exit, reaffirms long-term commitment](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FHQ090924GG00-18_%25284%2529_1749007235.jpg&w=3840&q=100)
[UPDATED] Petronas denies Canada exit, reaffirms long-term commitment
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has denied reports suggesting it is planning to exit Canada, reaffirming its long-term commitment to the country's energy sector.
In a brief statement issued on Wednesday, the Malaysian state-owned energy company said that any claims it is pulling out of Canada are inaccurate.
The clarification comes after Bloomberg reported on Tuesday that Petronas is exploring strategic options for its Canadian subsidiary, formerly known as Progress Energy Resources Corp.
Citing sources familiar with the matter, the report stated that Petronas is working with a financial adviser and has begun assessing interest from potential buyers.
The Canadian business could be valued between US$6 billion and US$7 billion, according to the report.
A full or partial sale is reportedly under consideration, with the possibility that only a minority stake will be sold depending on investor interest.
Petronas entered the Canadian market in 2012 through a US$5.3 billion acquisition of Progress Energy, gaining access to shale gas assets in northeastern British Columbia.
It currently operates the North Montney Joint Venture (NMJV) and holds a 25 per cent stake in LNG Canada, a major liquefied natural gas project valued at US$40 billion and nearing completion in Kitimat, British Columbia.
Other partners in LNG Canada include Shell plc, PetroChina Co. Ltd., Mitsubishi Corp. and Korea Gas Corp.
The facility is expected to be among the lowest in carbon emissions intensity globally and is preparing to ship its first cargo later this year.
Petronas said it remains committed to providing lower-carbon, reliable Canadian liquefied natural gas to global energy markets over the long term.
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