Canadian Dollar will benefit from this?

5 Dec

Petronas

Petroliam Nasional Bhd., Malaysia’s state energy company, said its proposed $5.2 billion takeover of Progress Energy Resources Corp. will help Canada develop gas resources and find an alternative market.

“It’s quite a huge investment,” Shamsul Azhar Abbas, chief executive officer of Petroliam Nasional, also known as Petronas, told reporters in Kuala Lumpur. “We’re basically helping the country to find an alternative outlet. They are counting on one market, which is the U.S.”

Petronas expects a response from Canada around Dec. 10, Shamsul said. The company was allowed to appeal and is awaiting a decision after providing more undertakings, according to a statement from both companies on Nov. 20.

“We’ll see whether they’ll request for further submission, or tell us we are not giving them any net benefit to discuss the bid,” Shamsul said. “We’ll leave it to the government to decide because we’ve done our part.”

Petronas and Progress also announced an LNG terminal on the west coast in another sign of a positive verdict.

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One Response to “Canadian Dollar will benefit from this?”

  1. Solomon Iulian Ionut 10 December 2012 at 5:35 pm #

    (Reuters) – Nexen Inc (NXY.TO) rose more than 14 percent and Progress Energy Resources Corp (PRQ.TO) climbed more than 13 percent in Toronto on Monday after the Canadian government approved controversial foreign bids for the energy companies

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