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Petronas Gas
15 июня 2015, 12:30

Malaysia stocks lower at close of trade; FTSE Malaysia KLCI down 0.70%

Malaysia stocks were lower after the close on Monday, as losses in the Technology, Property and Plantation sectors led shares lower. At the close in Kuala Lumpur, the FTSE Malaysia KLCI declined 0.70% to hit a new 3-months low. The best performers of the session on the FTSE Malaysia KLCI were Genting Malaysia Bhd (KL:GENM), which rose 0.47% or 0.02 points to trade at 4.26 at the close. Meanwhile, Malayan Banking Bhd (KL:MBBM) added 0.33% or 0.03 points to end at 9.17 and Petronas Gas Bhd (KL:PGAS) was up 0.28% or 0.06 points to 21.66 in late trade. The worst performers of the session were Felda Global Ventures Holdings Bhd (KL:FGVH), which fell 11.29% or 0.21 points to trade at 1.65 at the close. Sapurakencana Petroleum Bhd (KL:SKPE) declined 6.56% or 0.17 points to end at 2.42 and DiGi.Com Bhd (KL:DSOM) was down 2.50% or 0.14 points to 5.46. Falling stocks outnumbered advancing ones on the Kuala Lumpur Stock Exchange by 508 to 92 and 36 ended unchanged. Shares in Felda Global Ventures Holdings Bhd (KL:FGVH) fell to all time lows; losing 11.29% or 0.21 to 1.65. Shares in DiGi.Com Bhd (KL:DSOM) fell to 52-week lows; down 2.50% or 0.14 to 5.46. Crude oil for August delivery was down 0.79% or 0.48 to $59.92 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 0.83% or 0.54 to hit $64.11 a barrel, while the August Gold contract fell 0.14% or 1.60 to trade at $1177.60 a troy ounce. SGD/MYR was up 0.01% to 2.7894, while USD/MYR rose 0.32% to 3.7600. The US Dollar Index was up 0.27% at 95.49.

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18 сентября 2013, 20:17

Canada warned of cost escalation for LNG projects

Severe cost inflation could well show up on Canada’s west coast, industry participants say, should Chevron (CVX), Royal Dutch Shell (RDS.A, RDS.B) and Malaysia’s Petronas launch multibillion-dollar liquid natural gas construction programs at the same time.The British Columbia government is counting on natural gas exports to provide it with billions of dollars over several decades, but new entrants are skeptical that B.C. can escape Australia’s fate, where a building frenzy saw costs for CVX’s Gorgon LNG plant blow past $50B. 1 comment!

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10 сентября 2013, 18:41

Petronas exits Venezuela crude project, close to selling gas stake to Indian Oil

Malaysian oil company Petronas says it will withdraw from the Carabobo project in Venezuela after a dispute over terms with state-controlled oil explorer PDVSA.The Carabobo project, of which PDVSA owns 60%, planned to produce 480K bbl/day of oil but is now producing only ~1K bbl/day; Petronas, Spain’s Repsol (REPYY.PK, REPYF.PK), India's ONGC and Indian Oil Corp. had owned a combined 40%.Meanwhile, Petronas reportedly is close to selling 10% of the shale gas assets from its recently acquired Progress Energy Resources to Indian Oil Corp. for ~$1.1B. Post your comment!

05 марта 2013, 23:01

Japex to buy stake in Canada LNG, shale gas project from Petronas

Japan Petroleum Exploration Co. (Japex) agreed to join the proposed British Columbia Pacific Northwest LNG venture and to buy a stake in the North Montney shale gas project from Malaysia’s Petronas.

05 марта 2013, 11:00

Burma's oil rush: 'Nothing else in this country gives you money like this'

Thousands seize chance to profit from abandoned wells in spirit of enterprise denied under former military regimeAt the end of the last dirt road in Thayet, Maung Ko Oo, 25, is standing thigh-deep in a pit of crude oil, his longyi tied up high around his waist, a sweaty vein of black tar streaked across his forehead. His boss – a round-faced man sporting a baseball cap and ruby ring – is standing over him, shouting out orders to the half-dressed men relaying oil-filled buckets to the huge barrels lining their station.As the early afternoon sun arcs high over these dusty hills in central Burma, the men climb atop the barrels and pour in the oil bucket by bucket, then roll the filled barrels up a ridge and into the back of a truck. All around them, thousands of workers are doing the same – digging for oil, drilling for oil, collecting the oil, and selling it off to local refineries – in unregulated, artisanal pits which they claim can fetch up to 300 barrels of crude oil a day, worth $3,000 (£2,000) at local market prices."This is easy money," says boss Ko Win Shwe, a former miner who moved hundreds of miles to this settlement of huts and tents to find his fortune. He waves his hands to take in the barren earth stilettoed with oil-blackened drills and bares a toothy grin. "See all this land?" he says, his rubies glinting in the sun. "I bought all of it for $4,000 six months ago and struck lucky last week. Now I get 200 barrels a day. It's easy! Such easy money."About 2,000 people already live here, but many more are arriving daily in search of opportunity, entrepreneurship and independence – all denied under the military regime that ruled the country for nearly 50 years. Oil was first discovered by the British in the 19th century, but the wells were abandoned, and now it is the enterprising locals who have tapped into this plentiful resource – some of whom claim to have earned millions of dollars doing so."We have our eyes and ears open, always, because wherever and whenever the government stops drilling, then we move in," says Aung Win, a self-styled "oil boss" in a purple dress shirt, cowboy hat, flipflops and wraparound sunglasses. "Sometimes it can take a year for the oil to come out, so you just wait, and sometimes you have to move on. In my 24 years doing this, I've had to move 49 times to follow the oil."Here in Thayet, a township caked in dust about seven hours north of Rangoon, the oil rush began in 1989 after a farmer found crude near his land. Soon thousands of people had flooded the village, including students whose classes were cut short after the 1988 uprising. Those who have remained here since – along with a handful of wives and a fair few children – clamber under wooden derricks fashioned from bamboo and rope, the drills between them squelching out crude oil that runs into large open pits lined with tarpaulin.Everywhere one looks, there is oil: in the fumes floating up in the midday heat, in the black rivulets snaking down the hillside, in the old barrels littering the land. But this is not the biggest "oil town", says Aung Win: just a few hours away, roughly 20,000 drillers dig for crude at Su Win, and another 10,000 are in the neighbouring Khing Taung village.Prospecting is a costly gamble. Land costs about $4,000 an acre, drills are $2,000, and permits – whose prices vary – must be purchased from the local refineries. Most drillers pool their resources and their profits, says boss Ko Win Shwe, as many start out drilling by hand until they can afford a generator and engine. "But it's really paying off the officials that's expensive," says Aung Win, shaking his head. "They want to be taken out to sing karaoke and drink all night – it can cost $1,500 just for the bribe!"The opportunities for wealth may be great, but there are no health and safety rules here, no environmental protection, no employee regulations.Work continues 24 hours a day, seven days a week, and fires are a common hazard: earlier this month five men were killed when a cooking flame rollicked across the hills and nearly spread into the pits themselves.Up at the local refinery small no-smoking signs, weathered and curling from the sun, dot the bamboo fence, but barrels of oil are stored in thatched huts and men drill nearby with cheroot (local cigars) at their lips."There are oil fields to the left and right all along the Irrawaddy river, and still so many basins all over [Burma] that we haven't explored or developed yet – but the problem is that there is no good estimate of how much oil is in place," says oil and gas expert KK Hlaing of Smart Technical Services, which helps local and international companies drill for oil. "There are around 14 basins in [Burma] but only three or four have been properly commercialised."As Burma has opened up under the presidency of Thein Sein, whose quasi-civilian government ended five decades of military rule in 2011, about 18 onshore blocks are now up for grabs by foreign and local firms looking to cash in on the nation's great oil and gas reserves.That alone may explain why government officers trailed the Guardian to various drilling sites and demanded to see travel visas, and why a very different oil rush is taking place in Rangoon.At the Myanmar oil and gas summit earlier this month – which cost £1,500 a person to attend and was sponsored by Halliburton and the Malaysian oil firm Petronas, among others – executives spoke of the pros and cons of investing in Burma. "There is a boom here but, like in many other countries in the region, we're the bad guys," said one, warning that "big business can be blamed" for anything that goes wrong. He pointed to Burma's lack of arbitration, dodgy track record in policing and the suspended Myitsone dam project as lessons to be studied.For those drilling for oil near Thayet, however, short-term gains far outweigh any long-term fallout. Aung Win claims he lost $2m last year because of faulty drilling and dodgy business practices, and just last week lost another $70,000 at a well a few hours away. "But this is the only industry in Burma where you can lose $70,000, let alone make it," Aung Win explains. "Nothing else in this country gives you money like this."Nearly everyone agrees. "It's easy to lose the money if you don't invest it in other areas, because sometimes you win and sometimes you lose," says Zaw Min Tun, 37, a former farmer who has built a new house for his family and pipes his oil earnings into carwash businesses. "We just lost $50,000 because we drilled and couldn't find any oil. But I would still recommend this business to anyone, with no reservations."It is impossible to verify the wealth of these seeming gamblers, but KK Hlaing says that it is highly unlikely any of them are able to tap more than 30 barrels a day due to the fact that most are drilling between 300 metres and 762 metres (1,000ft and 2,500ft), "and most of the good oil is 10,000ft or below". In Thayet, many houses are painted in bright greens and blues and the women wear emerald and ruby earrings – but much of the village life still seems impoverished, with most villagers choosing to work at the local weapons and concrete factories instead of in the oil fields.Still, the richest driller in this "oil town" is Kyi Nai, 41, a lithe man with a crew cut and betel-stained teeth who says he has earned $300,000 in the past six months alone. "I've been doing this for over 20 years, and I've never hit oil like that," he says with a grin. "My hard work finally paid off. My wife is happy – she likes money."BurmaSouth and Central AsiaOilCommoditiesOil and gas companiesEnergy industryEmploymentNatural resources and developmentKate Hodalguardian.co.uk © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds

14 января 2013, 22:11

Quinoa brings riches to the Andes

Bolivian and Peruvian farmers sell entire crop to meet rising western demand, sparking fears of malnutritionA burst of colour on a monochromatic panorama, a field of flowering quinoa plants in the Bolivian desert is a thing of beauty. A plant ready for harvest can stand higher than a human, covered with knotty blossoms, from violet to crimson and ochre-orange to yellow.Quinua real, or royal quinoa, flourishes in the most hostile conditions, surviving nightly frosts and daytime temperatures upwards of 40C (104F). It is a high-altitude plant, growing at 3,600 metres above sea level and higher, where oxygen is thin, water is scarce and the soil is so saline that virtually nothing else grows.The tiny seeds of the quinoa plant are the stuff of nutritionists' dreams, sending demand soaring in the developed world. Gram-for-gram, quinoa is one of the planet's most nutritious foodstuffs. Once a sacred crop for some pre-hispanic Andean cultures, it has become a five-star health food for the middle classes in Europe, the US and increasingly China and Japan.That global demand means less quinoa is being eaten in Bolivia and Peru, the countries of origin, as the price has tripled. There are concerns this could cause malnutrition as producers, who have long relied on the superfood to supplement their meagre diets, would rather sell their entire crop than eat it. The rocketing international price is also creating land disputes."Royal quinoa has given hope to people living in Bolivia's most destitute and forgotten region," says Paola Mejia, general manager of Bolivia's Chamber of Quinoa Real and Organic Products Exporters.Royal quinoa, which only grows in this arid region of southern Bolivia, is to the grain what beluga is to caviar; packed with even more protein, vitamins and minerals than the common variety.Averaging $3,115 (£1,930) per tonne in 2011, quinoa has tripled in price since 2006. Coloured varieties fetch even more. Red royal quinoa sells at about $4,500 a tonne and the black variety can reach $8,000 per tonne. The crop has become a lifeline for the people of Bolivia's Oruro and Potosi regions, among the poorest in what is one of South America's poorest nations.It is quinoa's moment on the world stage. This year is the UN's International Year of Quinoa as the UN Food and Agriculture Organisation recognises the crop's resilience, adaptability and its "potential contribution in the fight against hunger and malnutrition".Evo Morales, the Bolivian leader whose government suggested the special recognition for the grain, said: "For years [quinoa] was looked down on just like the indigenous movement To remember that past is to remember discrimination against quinoa and now after so many years it is reclaiming its rightful recognition as the most important food for life."However, there are concerns the 5,000 year-old ancestral crop is being eaten less by its traditional consumers: quinoa farmers. "They have westernised their diets because they have more profits and more income," says Mejia, an agronomist. "Ten years ago they had only an Andean diet in front of them. They had no choice. But now they do and they want rice, noodles, candies, coke, they want everything!"Daysi Munoz, who runs a La Paz-based quinoa farming collective, agrees. "As the price has risen quinoa is consumed less and less in Bolivia. It's worth more to them [the producers] to sell it or trade it for pasta and rice. As a result, they're not eating it any more."Bitter battles are being fought over prime quinoa-growing land. Last February dozens of people were hurt when farmers fought with slings and sticks of dynamite over what was once abandoned land.Many people who migrated to cities in search of a better life are now returning to their arid homeland to grow royal quinoa, says Mejia. Most land is communally owned, she adds, so "the government needs to set out the boundaries or there will be more conflicts".In the village of Lacaya, near Lake Titicaca, the farmers have recently sown quinoa. It grows faster in the wetter conditions but the variety quinua dulce is less sought after than royal quinoa.Under the perpendicular rays of the intense altiplano sun, Petrona Uriche's face is heavily shadowed by her felt bowler hat. She says in the three years her village has been farming quinoa it has become the biggest earner. "We produce quinoa just for export, it's more profitable," she said. An 11.5kg arroba sack of quinoa can fetch eight times more than it did a few years ago, around $2 a kg, she adds.But the Bolivian government – which like its neighbour Peru is heavily promoting quinoa nationally to combat malnutrition – insists Bolivians are eating more of the grain. Annual consumption per person has increased fourfold from 0.35kg to 1.11 kg in as many years "in spite of the high international prices", Victor Hugo Vásquez, Bolivia's vice-minister for rural development and agriculture, said.Previous government figures, however, indicated domestic consumption had dropped by a third in five years.Judging by the supermarket shelves in Bolivia's de facto capital, La Paz, where quinoa-based products from pizza crusts and hamburgers to canapes and breakfast cereals are displayed, Bolivia's growing middle class appear to be the principal consumers.Meanwhile in the Peruvian capital, Lima, shoppers at food markets complain quinoa is becoming a luxury product. Selling at around 10 Peruvian soles per kg (£2.44) it costs more than chicken (7.8 soles per kg) and four times as much as rice. Official figures show domestic consumption has dropped."Unfortunately in poorer areas they don't have access to products such as quinoa and it's becoming more and more expensive," Peru's vice-minister for agriculture, Juan Rheineck, said at a breakfast for under-fives at the Casa de los Petisos children's home in Lima. The children are fed boiled eggs and quinoa and apple punch, part of a government programme to promote nutritious breakfasts. "That's what we have to avoid, we have to produce better and more," he said.Peru's government cut chronic malnutrition in under-fives nationally to 16.5% in 2011 but it is still widely prevalent in poorer Andean regions. According to the World Bank, 27.2% of under-fives in Bolivia suffered chronic malnutrition in 2008.Peru's telegenic first lady, Nadine Heredia, is championing a colourful campaign to promote the Andean diet, of which quinoa is a key element, to combat infant malnutrition. In 2012 Peru banked nearly $35m from quinoa exports, tripling what it earned three years ago. In Bolivia exports tripled to around 23,000 tonnes, contributing some $85m to the country's economy,Vásquez said.But experts say both countries need to boost production to meet the rising external demand and provide the grain at lower prices for internal consumption. Bolivia, which produces nearly half the global supply, says it has given more than $5m in credits to 70,000 quinoa producers and wants to industrialise production to bring added value rather than just exporting the raw material.Hydrocarbons and minerals are Bolivia's two key exports, but Mejia believes if the country aggressively promoted quinoa agriculture "in 10 years it could easily surpass the income from gas and minerals".What is quinoa?Quinoa (Chenopodium quinoa willd) is actually a "pseudo-grain", not belonging to the true grass family but a member of the goosefoot plant family, which includes spinach and sugarbeet.Its exceptional nutritional qualities led Nasa to include it as part of its astronauts' diet on long space missions. A 1993 Nasa technical paper says: "While no single food can supply all the essential life sustaining nutrients, quinoa comes as close as any other in the plant or animal kingdom."Quinoa is the only plant food that contains all 10 essential amino acids for the human diet. Its protein content (between 14%-18%) surpasses that of wheat, rice, maize and oats, and can be a substitute to animal protein. Its calorific value is greater than that of eggs and milk and comparable only to that of meat.It is a source of vitamin E, vitamin B2 (riboflavin) and contains more minerals such as calcium, potassium, magnesium and phosphorus than other grains.Studies at Kings College London have shown quinoa helps coeliacs (people intolerant to gluten) to regenerate gluten tolerance.. Recent research found it contains phytoestrogens, which are said to prevent or reduce osteoporosis, arteriosclerosis, breast cancer and other conditions that can be caused by lack of oestrogen after the menopause.AmericasBoliviaPeruFood & drinkAgricultureFood & drink industryNutritionFoodNutritionNutrition and developmentDan Collynsguardian.co.uk © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds

10 января 2013, 17:15

Оператором газопровода Prince Rupert Gas Transmission стоимостью $5,1 млрд выбрана TransCanada

Progress Energy Canada, которая была куплена в декабре 2012 года малазийской Petroliam Nasional Bhd. (Petronas), выбрала TransCanada Corp. оператором газопровода Prince Rupert Gas Transmission стоимостью $5,1 млрд, сообщает агентство Bloomberg.

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28 ноября 2012, 23:05

Malaysia’s Petronas has made two sizable gas discoveries offshore Sarawak, one of which is the company’s deepest vertical well and its first completed high-pressure high-temperature well

Malaysia’s Petronas has made two sizable gas discoveries offshore Sarawak, one of which is the company’s deepest vertical well and its first completed high-pressure high-temperature well.

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12 ноября 2012, 02:03

Petronas seeks to sway Canada on Progress

Malaysian group in a two-pronged effort to overturn opposition to C$5.3bn deal for natural gas producer

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29 октября 2012, 09:00

Canada rejects Petronas bid for Progress Energy

Canada has blocked a $5.5 billion (Can.) bid by Petronas Carigali Canada Ltd. for Canadian natural gas producer Progress Energy Resources Corp. in a move that is prompting questions among analysts about whether the government also might reject CNOOC Ltd.'s pending offer to buy Nexen Inc.

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29 октября 2012, 09:00

Risks in foreign investment

Many in the oil and gas financial world are watching with interest as the Canadian government reviews its requirements by which foreign investors can acquire Canadian companies, particularly when the foreign investor involves a state-owned enterprise such as Malaysia's Petronas and China's CNOOC Ltd.

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29 октября 2012, 08:30

forbes: Рейтинг нефтяных компаний мира

1. Saudi Aramco – 12.5 million barrels per day2. Gazprom – 9.7 million barrels per day3. National Iranian Oil Co. – 6.4 million barrels per day4. ExxonMobil – 5.3 million barrels per day5. PetroChina – 4.4 million barrels per day6. BP – 4.1 million barrels per day7. Royal Dutch Shell – 3.9 million barrels per day8. Pemex – 3.6 million barrels per day9. Chevron – 3.5 million barrels per day10. Kuwait Petroleum Corp. – 3.2 million barrels per day11. Abu Dhabi National Oil Co. – 2.9 million barrels per day12. Sonatrach – 2.7 million barrels per day13. Total – 2.7 million barrels per day14. Petrobras – 2.6 million barrels per day15. Rosneft – 2.6 million barrels per day16. Iraqi Oil Ministry – 2.3 million barrels per day17. Qatar Petroleum – 2.3 million barrels per day18. Lukoil – 2.2 million barrels per day19. Eni – 2.2 million barrels per day20. Statoil – 2.1 million barrels per day21. ConocoPhillips – 2 million barrels per day22. Petroleos de Venezuela – 1.9 million barrels per day23. Sinopec – 1.6 million barrels per day24. Nigerian National Petroleum – 1.4 million barrels per day25. Petronas – 1.4 million barrels per dayВсего = 89.5 mb/dhttp://www.forbes.com/pictures/mef45gkei/1-saudi-aramco-12-5-million-barrels-per-day-2/http://ariefhidayat.wordpress.com/2012/10/05/http://trubagaz.livejournal.com/60788.htmlhttp://neftegaz.ru/analisis/view/7909- - - - - - - - Мировая добыча 2011 согласно BP Statistical Review of World Energy (стр. 8) = 83.576 mb/dOPEC Monthly Oil Market Report, Сенятябрь (стр. 32) = 87.89 mb/d (World oil demand)OPEC natural gas liquids and non-conventional oils (стр. 52)= 5.32 mb/dTotal OPEC, secondary sources (стр. 52) = 29.786 mb/dTotal OPEC, direct communication (стр. 52) = 29.942 mb/dNon-OPEC Non-OPEC oil supply (стр. 44) = 52.44Мир даже по высшей оценке (direct communication) OPEC = 87.702 mb/dEia.gov, International Energy Statistics, = 87.0926 mb/d

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29 октября 2012, 07:48

Petronas, Progress extend closing date on proposed deal

KUALA LUMPUR (Reuters) - Malaysian state oil company Petronas said on Monday it has extended the closing date on its bid for Canadian gas producer Progress Energy Resources until November 30, as it works to overturn the Canadian government's rejection of the proposed deal.

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29 октября 2012, 07:35

Petronas agrees to renew bid for Canada's Progress: sources

Malaysian state oil firm Petronas will renew a bid for gas producer Progress Energy Resources, Petronas sources said, seeking to assure the Canadian government that the C$5.17 billion deal will benefit ...

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25 октября 2012, 19:59

Daniel J. Graeber: China Tells Canada Not to Let Politics Interfere With Business

In the latest rush to take advantage of oil opportunities in Canada, Exxon Mobil announced it signed a deal to acquire Celtic Exploration Ltd. for around $2.6 billion. The deal would give the U.S.-based supermajor access to shale reserves in British Columbia and Alberta. It also follows a string of moves by rival foreign companies to establish a foundation in North America. While the Canadian government is eager to entice investors to its oil reserves, recent public opinion surveys suggest most are wary of what looks like a foreign takeover of the petroleum sector. Exxon's division in Canada announced it acquired 545,000 acres of shale in British Columbia and another 104,000 acres in neighboring Alberta province in the deal with Calgary-based Celtic Exploration. As of December, Celtic estimated the reserve potential at around 128 million barrels of oil equivalent. Andrew Barry, president of ExxonMobil Canada, said the acquisition adds "significant" resources to its unconventional portfolio in North America. Celtic, for its part, said the acquisition was in the company's best interest and represented a fair value for shareholders. The Canadian government of Prime Minister Stephen Harper had said it was important for the country to expand its economic footprint outside of North America. In February, the prime minister traveled to Beijing in order to draw Chinese investors to his country's oil sector. Canada is among the world leaders in terms of oil and officials there had said roughly $500 billion is needed to keep the momentum going into the next decade. Exxon's bid to take on Celtic for $2.6 billion follows a $15 billion bid by state-owned China National Offshore Oil Corp. to acquire Canadian oil and natural gas company Nexen. Malaysia's state-owned Petronas, meanwhile, has offered more than $5 billion for Progress Energy Resources, based in Calgary. Exxon, CNOOC and others are looking to North America as a way to secure their portfolios against rival action in Russia and Latin America. A public opinion survey, however, finds that most Canadians are wary of foreign takeovers. Survey company Angus Reid Public Opinion, in an online survey involving 1,000 Canadian adults, found that most respondents reacted negatively to foreign control of their natural resources. The survey noted that most "are not particularly supportive" of the CNOOC deal in particular. Whether that sentiment extends to China exclusively remains to be seen, though recent trade disputes in the renewable energy sector suggest that may indeed be the case. Tuesday's town-hall debate between U.S. President Barack Obama and Republican challenger Mitt Romney sparked outrage from Chinese state media, which claimed the economic tirades against Beijing did little to foster bilateral friendships. "U.S. politicians need to paint a truer picture for their constituents," a report from the Xinhua news agency reads. "This picture should embrace China's rise and acknowledge that engaging with China will amplify win-win results, but scapegoating, isolating and vilifying China will hurt both sides." With Beijing warning the Harper government not to let political matters interfere with business affairs, the race to tap into North American shale may be a reflection of the broader geopolitical issues at stake. Daniel Graeber is a senior journalist at the energy news site Oilprice.com.

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25 октября 2012, 19:00

Foreign investment in Canada: Door wide shut

UK Only Article:  standard article Issue:  The man who must change China Fly Title:  Foreign investment in Canada Rubric:  The government rejects a Malaysian bid for a natural-gas company Location:  OTTAWA HOPING to diversify exports away from the United States, the Canadian government has been avidly courting Asian investment in natural-resource industries. When Petronas, Malaysia’s state energy firm, offered C$6 billion ($6 billion) in July for Progress Energy, a producer of unconventional natural gas, the bid appeared tailor-made for the ruling Conservative party. Though Malaysia’s government is mildly authoritarian, it is hardly a political lightning rod like China’s. And Petronas said it would build a useful export terminal for liquefied natural gas on the Pacific coast. So analysts were puzzled when the government announced it would reject the deal, at least for now. Just before the midnight deadline on October 19th the industry ministry issued a terse statement saying the bid did not meet the ...

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25 октября 2012, 02:10

CNOOC-Nexen Deal Will Not Impact Petronas-Progress Outcome

There is speculation that Canadian Oil and Gas Producer Nexen Inc. (NYSE:NXY)'s proposed $15.1 billion takeover by China's CNOOC Limited (NYSE:CEO) is likely to fall through, amid government interference. The Canadian government is known to be very protective of the nation's interests, and recently rejected Petronas' bid for Progress Energy, citing minimal net benefits to the country. However, a closer examination of the two deals draws a mountain between the two, in terms of prospective benefits to the Canadian government in the long-term, which…Read more...

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20 октября 2012, 09:05

Canada blocks $5.2 billion Petronas bid for Progress Energy

Canada has blocked Malaysian state oil firm Petronas' C$5.17 billion bid for gas producer Progress Energy Resources in a surprise move that could signal problems for a much larger Chinese deal in the country's ...

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20 октября 2012, 08:47

Canada blocks $5.2 billion Petronas bid for Progress Energy

TORONTO/KUALA LUMPUR (Reuters) - Canada has blocked Malaysian state oil firm Petronas' C$5.17 billion ($5.2 billion) bid for gas producer Progress Energy Resources in a surprise move that could signal problems for a much larger Chinese deal in the country's energy sector.