PETRONAS stays committed to its Canadian business
PETALING JAYA: Petroliam Nasional Bhd (PETRONAS) has said that it remains committed to its investments in Canada, where it operates the North Montney joint venture upstream gas development.
In a statement, the national oil company said it is a major partner in the liquefied natural gas (LNG) Canada gas liquefaction facility in Kitimat, British Columbia, Canada.
'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.'
On Tuesday, Bloomberg reported that PETRONAS is considering options for its Canadian company formerly known as Progress Energy Resources Corp, including a sale.
The report said PETRONAS was working with a financial adviser on a potential disposal, potentially valued at US$6bil to US$7bil. The report also said PETRONAS may consider selling a minority stake in the business, depending on the valuation. Trading ideas: Cypark, CapitaLand, Ta Win, Deleum, Zelan, Ramssol, Edelteq, Oasis, UUE, Taghill, Kawan Renergy
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