Latest news with #PetroliamNasionalBhd.
Vancouver Sun
11 hours ago
- Business
- Vancouver Sun
Petronas is said to explore sale of $7 billion Canadian business
Petroliam Nasional Bhd. is considering options for its Canadian company formerly known as Progress Energy Resources Corp., including a sale, according to people familiar with the matter. Petronas, as the Malaysian state energy firm is known, is working with a financial adviser on a potential disposal, the people said, asking not to be identified because the deliberations are private. A transaction could value the Canadian business at $6 billion to $7 billion, they said. Petronas may also consider selling a minority stake in the business, depending on valuation, the people said. The company has started sounding out preliminary interest from prospective buyers, they said. Stay on top of the latest real estate news and home design trends. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Westcoast Homes will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Considerations are continuing and no final decisions have been made, they added. A representative for Petronas couldn't immediately respond to a request seeking comment. Petronas Canada operates in the North Montney basin in northeast B.C. and, together with joint venture partners, owns more than 3,200 square kilometres of mineral rights with 53 trillion cubic feet of gas reserves, its website shows. Petronas bought Progress Energy for about $5.3 billion in 2012, boosting the Kuala Lumpur-based firm's shale-gas assets and gas supplies. Petronas also holds a 25 per cent stake in the LNG Canada project in Kitimat, a joint venture for liquefied natural gas in which Shell Plc, PetroChina Co. Ltd., Mitsubishi Corp., and Korea Gas Corp. also participate. Lower oil prices have hit Petronas, which reported a slide of more than 30 per cent in net income in 2024 and announced job cuts that will start taking place this year. With files from Vinicy Chan and Anisah Shukry
Calgary Herald
3 days ago
- Business
- Calgary Herald
Petronas reportedly exploring sale of US$7 billion Canadian business
Article content Petroliam Nasional Bhd. is considering options for its Canadian company formerly known as Progress Energy Resources Corp., including a sale, according to people familiar with the matter. Article content Article content Petronas, as the Malaysian state energy firm is known, is working with a financial adviser on a potential disposal, the people said, asking not to be identified because the deliberations are private. A transaction could value the Canadian business at US$6 billion to US$7 billion, they said. Article content Article content Petronas may also consider selling a minority stake in the business, depending on valuation, the people said. The company has started sounding out preliminary interest from prospective buyers, they said. Article content Article content Petronas bought Progress Energy for about US$5.3 billion in 2012, boosting the Kuala Lumpur-based firm's shale-gas assets and gas supplies. Petronas also holds a 25 per cent stake in the LNG Canada project, a joint venture for liquefied natural gas in which Shell Plc, PetroChina Co. Ltd., Mitsubishi Corp. and Korea Gas Corp. also participate. Article content Lower oil prices have hit Petronas, which reported a slide of more than 30 per cent in net income in 2024 and announced job cuts that will start taking place this year. Article content Petronas Canada operates in the North Montney basin in northeast British Columbia and, together with joint venture partners, owns more than 800,000 gross acres of mineral rights with 53 trillion cubic feet of reserves and contingent resources, its website shows. Article content
Mint
3 days ago
- Business
- Mint
Petronas Is Said to Explore Sale of $7 Billion Canadian Business
(Bloomberg) -- Petroliam Nasional Bhd. is considering options for its Canadian company formerly known as Progress Energy Resources Corp., including a sale, according to people familiar with the matter. Petronas, as the Malaysian state energy firm is known, is working with a financial adviser on a potential disposal, the people said, asking not to be identified because the deliberations are private. A transaction could value the Canadian business at $6 billion to $7 billion, they said. Petronas may also consider selling a minority stake in the business, depending on valuation, the people said. The company has started sounding out preliminary interest from prospective buyers, they said. Considerations are ongoing and no final decisions have been made, they added. A representative for Petronas couldn't immediately respond to a request seeking comment. Petronas bought Progress Energy for about $5.3 billion in 2012, boosting the Kuala Lumpur-based firm's shale-gas assets and gas supplies. Petronas also holds a 25% stake in the LNG Canada project, a joint venture for liquefied natural gas in which Shell Plc, PetroChina Co. Ltd., Mitsubishi Corp. and Korea Gas Corp. also participate. Lower oil prices have hit Petronas, which reported a slide of more than 30% in net income in 2024 and announced job cuts that will start taking place this year. Petronas Canada operates in the North Montney basin in northeast British Columbia and, together with joint venture partners, owns more than 800,000 gross acres of mineral rights with 53 trillion cubic feet of reserves and contingent resources, its website shows. --With assistance from Vinicy Chan and Anisah Shukry. More stories like this are available on
