Petroliam Nasional Berhad (Petronas) has dismissed reports suggesting the Malaysian national oil company is exiting its operations in Canada, affirming its continued investment and strategic presence in the North American market.
“Any reports that claim Petronas is leaving Canada are inaccurate,” the company stated in response to a query from Bernama.
The clarification follows media speculation on Tuesday which indicated that Petronas was evaluating strategic options for its Canadian subsidiary, formerly known as Progress Energy Resources Corp. According to sources cited in those reports, these options may have included a potential sale.
Petronas reaffirmed its commitment to ongoing projects in Canada, highlighting its upstream operations through the North Montney Joint Venture, as well as its significant role in the LNG Canada project based in Kitimat, British Columbia.
“With LNG Canada preparing for its first cargo this year, Petronas is proud to be providing lower-carbon, reliable Canadian liquefied natural gas to support global energy markets for decades to come,” the company added.
Petronas acquired Progress Energy in 2012 for approximately US$5.3 billion, marking a substantial expansion of its shale gas portfolio and reinforcing its global gas supply capabilities.
Currently, Petronas holds a 25 per cent equity stake in the LNG Canada project—a major liquefied natural gas joint venture alongside industry leaders Shell plc, PetroChina Co Ltd, Mitsubishi Corporation, and Korea Gas Corporation.
-Bernama
