Petronas to renew bid for Progress Energy
Malaysian state oil firm Petronas will renew a bid for gas producer Progress Energy Resources, Petronas sources said, seeking to assure the Canadian government that the C$5.17 billion deal will benefit the country.
Malaysia's state-backed Petronas -- which received the regulatory nod from the Canadian government to buy Progress Energy Resources Corp on Dec. 7 -- is aiming to create ``thousands'' of jobs in the Canadian natural gas industry, as it pours billions of investment dollars into developing its newly-acquired assets.