Petronas to Sell Progress Stake

Petronas of Malaysia has reportedly agreed to sell a 25% stake in Progress Energy of Canada to an Indian company and an Asian LNG buyer, Petronas’ president and chief executive Shamsul Azhar Abbas said on Tuesday.

“I am pleased to announce that we have just finalised a further 25 percent equity participation from an Indian party and an established Asian LNG buyer,” Reuters cited Shamsul as saying.

Though he did not disclose the identity of buyers, Reuters reported that Petronas was in talks with state-run Indian Oil Corp on a 10 percent stake, and the remaining 15% may go to a Chinese firm.

In March 2013, Petronas sold a 10% stake in the integrated shale gas development and LNG project in Canada to Japex and another 3% to Petroleum Brunei.

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LNG World News Staff, February 25, 2014; Image: Petronas