In the latest big Canadian energy deal, Malaysia’s state-owned energy company Petroliam Nasional Berhad will pay Progress Energy Resources Corp. $1.1 billion for a 50 percent stake in a British Columbia shale gas development owned by the Calgary-based energy company, Progress announced Thursday.
The joint venture marks Malaysia’s first investment in the Canadian energy sector, says John Cuthbertson, partner at Calgary-based Burnet, Duckworth & Palmer, which is serving as Progress’s outside counsel on the transaction.
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