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Petronas to Acquire Progress Energy Resources for $5.4 Billion

12:12 AM MDT | July 3, 2012 | Deepti Ramesh

Petronas says it has reached an agreement to acquire energy company Progress Energy Resources Corp. (Calgary-AB) for about C$5.5 billion ($5.4 billion). The proposed acquisition builds on the previous arrangement between the two companies to develop a portion of Progress’ shale assets. “This acquisition will provide Petronas with significant long-term strategic gas resources in a geopolitically stable region,” says Tan Sri Dato’ Shamsul Azhar Abbas, president and CEO of Petronas. The two companies established a joint venture last year to...

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