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NewsPetroleum Brunei to buy 3 pct stake in Petronas' Canadian shale assets
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Petroleum Brunei to buy 3 pct stake in Petronas' Canadian shale assets
by Cals Mon 09 Dec 2013, 13:33
| Petroleum Brunei to buy 3 pct stake in Petronas' Canadian shale assets |
| Business & Markets 2013 |
| Written by Reuters |
| Monday, 09 December 2013 12:41 |
Petronas said on Monday that Brunei's state oil firm will acquire 3 percent equity in the natural gas assets of Progress Energy Canada and the Pacific Northwest LNG facility with a total capacity of 12 million tonnes per year.
"As part of the proposed transaction, Petroleum Brunei has agreed to buy a 3 percent share of the LNG facility's production for a minimum of 20 years," Petronas said in a statement following a meeting between Malaysian Prime Minister Najib Razak and Brunei's Sultan Hassanal Bolkiah over the weekend.
Petroleum Brunei's deal comes after Japan Petroleum Exploration Co agreed to buy a 10 percent stake in the integrated shale gas development and LNG project in March for an undisclosed sum.
Petronas, which plans to cut its stake in the project to 50 percent, has also been in discussions with energy firms in China and India to buy into the development and also take up the LNG exports, sources have earlier told Reuters. - Reuters
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