KUALA LUMPUR Nov 29 Malaysian state oil company
Petroliam Nasional Berhad confirmed on Thursday that it
has resubmitted its bid for Canada's Progress Energy Resources
after the Canadian government blocked the $5.2 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 revised 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 added that a lot of uncertainty over the framework
"The whole industry has no clue on what the framework is
going to be."
When the deal was blocked, Canada's Industry Minister
Christian Paradis said the deal was unlikely to bring a "net
benefit" to the country. Petronas and Progress are planning a
multibillion-dollar liquefied natural gas plant on Canada's west
The Canadian government, sources have told Reuters, wanted
to approve the deal but was afraid doing so would tie its hands
when reviewing a much more controversial $15.1 billion bid by
China's CNOOC Ltd for Nexen Inc.