Petronas Denies Canada Exit, Weighs Minority Stake Sale

Petronas Rejects Withdrawal Rumors from Canadian Energy Investments; Weighs Minority Stake Sale Petronas, Malaysia's state-owned oil and gas giant, has firmly denied reports suggesting its withdrawal from significant energy investments in Canada. In a statement released today, the company confirmed its commitment to long-term participation in the Canadian energy sector. However, Petronas also revealed it's actively assessing options for the potential sale of a minority stake in its Canadian operations, contingent upon the attractiveness of any received offers. This announcement follows recent speculation from Bloomberg, which reported Petronas was reviewing various strategic choices for its Canadian subsidiary, Progress Energy Resources Corp. Bloomberg's report hinted at the possibility of either a complete or partial divestment of Petronas's stake in Progress Energy. "Petronas remains fully committed to its long-term investments in the Canadian energy sector," a Petronas spokesperson stated. "The exploration of potential minority stake sales is a standard business practice and should not be interpreted as a sign of withdrawal from our Canadian operations." Petronas's Canadian involvement is substantial. The company acquired Progress Energy in 2012 for approximately $2.25 billion. Progress Energy is a key player in the LNG Canada project, a joint venture focused on producing and exporting liquefied natural gas with an emphasis on low-carbon emissions. Petronas holds a 25% stake in this significant project. The decision regarding a potential minority stake sale will be driven by the value and terms of any offers received. Petronas's commitment to its Canadian investments underscores the importance of the Canadian energy sector within its global strategy.