Petronas to build $43.6b LNG plant in Canada
KUALA LUMPUR (AFP) - Petronas will embark on a US$35 billion (S$43.6 billion) liquid natural gas (LNG) project in Canada following the reversal of Ottawa's decision to block the Malaysian national oil company's purchase of Canadian gas producer Progress Energy Resources.
At a joint press conference on Sunday with his Canadian counterpart, Malaysian Prime Minister Najib Razak said this followed from the "approval principally" given for the state energy firm's US$5.5 billion purchase.
Mr Najib announced that Petronas will spend CAD$36 billion (S$43.6 billion) to build "all the facilities upstream including investment in a pipeline" which he said was the "largest foreign direct investment in Canada by any country".
"We believe this project will be mutually beneficial because it will open up Canadian energy to new markets, principally East Asia," he added of the "gargantuan investment".