CALGARY, Alberta Dec 4 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.
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What seemed like a possibility for the Nifty to cross the 8,000 mark just two weeks ago has now turned out to be a far-fetched dream. A 7,950-8,000 range could be used to book partial profits and re-enter closer to 7,750-7,800 for the next couple of weeks. The next big trigger would be the arrival of monsoons, writes Ambareesh Baliga. Read