Progress CEO hopes for deal decision by year-end

CALGARY, Alberta Tue Dec 4, 2012 9:58pm IST

Related Topics

CALGARY, Alberta Dec 4 (Reuters) - Progress Energy Resources Corp's chief executive said on Tuesday that he hopes for a decision from Ottawa on the C$5.2 billion ($5.2 billion) takeover of his company by Malaysia's Petronas this year.

Progress CEO Michael Culbert also said in an interview that a completed deal would increase the ability of the partners' planned LNG export plant on Canada's West Coast to expand because all of Progress's gas-producing lands could be directed to the initiative.

Progress and Petronas currently have a joint venture in the Montney region of British Columbia, and gas from that acreage is earmarked for the proposed plant, which would cost up to C$11 billion.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Market Eye

REUTERS SHOWCASE

Segway in India

Segway in India

Segway’s India business pegs hope on tech-savvy Modi  Full Article 

Cipla Shares

Cipla Shares

Cipla jumps after key generic launch.  Full Article 

Modi in Japan

Modi in Japan

Japan and India agree to boost strategic ties at summit.  Full Article 

Basel III Norms

Basel III Norms

RBI amends Basel III guidelines for banks.  Full Article 

Antitrust Probes

Antitrust Probes

U.S. business lobby says concerned China antitrust probes unfair.  Full Article 

Current Account

Current Account

Balance of payments surplus for third straight quarter.  Full Article 

Book Talk

Book Talk

Reema Abbasi and a glimpse of Pakistan’s Hindu past.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage