Petronas denies it is leaving Canada
Published on: Wednesday, June 04, 2025
Published on: Wed, Jun 04, 2025
By: FMT Reporters Text Size: Petronas has issued a statement to deny that it is leaving Canada despite there being no mention of it making such a move. (Reuters pic) PETALING JAYA: National oil corporation Petronas has denied that it was leaving Canada following a news report that it may consider selling its Canadian company for US$7 billion. In a brief statement, Petronas also said it was committed to its investments in Canada, where it operates the North Montney Joint Venture upstream gas development. Yesterday, Bloomberg reported that Petronas was considering options for its Canadian company, formerly known as Progress Energy Resources Corp, including a sale. Petronas issued the statement despite there being no mention anywhere in the report that it was quitting Canada. In the statement, the oil corporation reiterated that it is a major partner in the LNG Canada gas liquefaction facility in Kitimat, British Columbia. '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. 'Any reports that claim Petronas is leaving Canada are inaccurate,' the statement said. Quoting a source, Bloomberg reported that Petronas is working with a financial adviser on a potential disposal and that a transaction 'could value the Canadian business at US$6 billion to US$7 billion'. Petronas bought Progress Energy for about US$5.3 billion in 2012, as well as a 25% stake in the LNG Canada project. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
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