The Straits Times
Published on Nov 30, 2012

Malaysia's Petronas confirms resubmitted bid to Canada


KUALA LUMPUR (REUTERS) - Malaysian state oil company Petroliam Nasional Berhad has confirmed that it has resubmitted its bid for Canada's Progress Energy Resources after the Canadian government blocked the US$5.2 billion (S$6.3 billion) deal in October.

A Petronas source had earlier this month told Reuters about the modified bid.

Petronas CEO Shamsul Azhar Abbas told reporters that the company's initial bid was made while it was still unaware of a new investment framework in Canada.

"We were told of the framework only after submission and we were quite surprised. Whatever it is, we leave it to them now," he said.