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

REUTERS SHOWCASE

Earnings Season

Earnings Season

Wipro sees rosier end to year as U.S. clients spend.  Full Article 

DLF Appeals

DLF Appeals

DLF seeks interim relief from capital market ban  Full Article 

Business Climate

Business Climate

Fears for tough penalties grow as India cleans up business  Full Article 

New Email Service

New Email Service

Google launches new email service dubbed "Inbox".  Full Article 

Falling Oil Prices

Falling Oil Prices

Indian consumers respond to softer oil, food prices  Full Article 

Pollution Levels

Pollution Levels

Delhi braces for worst air quality this Diwali week.  Full Article 

Book Keeping

Book Keeping

RBI fires warning shots on companies' lack of FX hedging.  Full Article 

Policy Repo Rate

Policy Repo Rate

Most external members suggested rate cut in RBI's Sept review.  Full Article 

Reuters India Mobile

Reuters India Mobile

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