Meanwhile, Petronas has completed the takeover of Canada-based natural gas producer Progress Energy Resources Corporation. Earlier, in October 2012, the takeover was rejected by Canada’s Industry Ministry on the grounds that the deal may result in increased control by foreign national corporations over Canada’s oil sands. However, the Malaysian state oil company was invited to resubmit its application after it offered to make significant investments in Canada’s oil and gas infrastructure. Petronas’s investments in Canada through Progress Energy will comprise three components – developing an LNG export terminal (Pacific Northwest LNG export facility), developing a natural gas production field in the Montney region of Northeast British Columbia and northwest Alberta, and installation of a natural gas transmission pipeline which will connect the production field to the LNG facility.
