Petronas Rejects Reports of Canadian Exit, Underscores Commitment to LNG Canada

Petronas Denies Reports of Canadian Withdrawal, Emphasizing LNG Canada Commitment Kuala Lumpur, Malaysia – Petroliam Nasional Berhad (Petronas), Malaysia's state-owned oil and gas giant, has firmly denied reports suggesting it is pulling out of its Canadian operations. These reports, which circulated widely earlier this week, sparked concerns about the future of Petronas's significant investments in the country. In a recent video statement, Petronas refuted the claims, stating that the company remains fully committed to its investments in Canada. A spokesperson stated, "The reports claiming Petronas is leaving Canada are inaccurate. We are committed to our operations and investments in Canada, including our significant involvement in the LNG Canada project." This commitment is underscored by Petronas's substantial involvement in the LNG Canada project, a joint venture with Shell, PetroChina, Mitsubishi Corporation, and Korea Gas Corporation. Petronas holds a 25% stake in the project, which is focused on developing and producing liquefied natural gas (LNG) from the natural gas resources of British Columbia. The project is a key component of Petronas's strategy to provide low-carbon energy to global markets. Further solidifying its presence, Petronas acquired Progress Energy Resources Corporation in 2012, a move that significantly expanded the company's gas portfolio and strengthened its foothold in the Canadian energy sector. This acquisition, valued at approximately $5.3 billion USD, underscores Petronas's long-term vision for its Canadian operations. The video serves as a clear and concise response to the misinformation, reassuring stakeholders and the public of Petronas's continued commitment to Canada. This commitment is not merely a statement but a demonstration of concrete actions and investments in the nation's energy future.