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CNA
14 hours ago
- Business
- CNA
Malaysia's Petronas to cut 10% of workforce, not exiting Canada, CEO says
KUALA LUMPUR: Malaysian state energy firm Petroliam Nasional, or Petronas, will retrench about 10 per cent of its workforce in a restructuring exercise, its chief executive said on Thursday (Jun 5). Tengku Muhammad Taufik also denied at a media briefing that the state firm was exiting its business in Canada. Malaysian media had previously reported Petronas as saying it needed to "rightsize" its workforce to ensure the company's survival in the coming decades. Petronas has nearly 50,000 employees, according to its website. Bloomberg also reported on Tuesday that Petronas is considering a sale of its Canadian company, formerly known as Progress Energy Resources Corp.
BusinessToday
2 days ago
- Business
- BusinessToday
Petronas Denies Reports Of Exiting Canadian Market
Malaysia's national oil company, Petronas, has denied recent media speculation that it is planning to exit the Canadian market by divesting its US$7 billion business. Reports, initially published by Bloomberg, suggested that Petronas was considering selling its entire Canadian operations or a minority stake, depending on market valuation. According to these reports, the company had begun exploring preliminary interest from potential buyers, though no final decisions had been made. A Petronas representative was not immediately available for comment at the time the initial reports surfaced. Petronas's significant investment in Canada dates back to 2012 when it acquired Progress Energy for approximately US$5.3 billion. This acquisition bolstered the Kuala Lumpur-based firm's shale gas assets and gas supply capabilities. Beyond Progress Energy, Petronas also holds a 25% stake in the LNG Canada project, a major liquefied natural gas joint venture that includes Shell Plc, PetroChina Co. Ltd., Mitsubishi Corp., and Korea Gas Corp. The potential for such a divestment had been framed against a backdrop of challenging financial conditions for Petronas. The company reported a more than 30% decline in net income in 2024, attributed to lower oil prices, and has announced job cuts beginning this year. Petronas Canada's operations are concentrated in the North Montney basin in northeast British Columbia. Through its joint ventures, the company possesses over 800,000 gross acres of mineral rights, holding an estimated 53 trillion cubic feet of reserves and contingent resources, as detailed on its website. Related
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Petronas denies it is leaving Canada
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.
Bloomberg
3 days ago
- Business
- Bloomberg
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.
