KUALA LUMPUR Nov 16 Malaysian state oil company
Petroliam Nasional Berhad has submitted a modified bid
for Canada's Progress Energy Resources, a Petronas
source with knowledge of the matter said, after the Canadian
government blocked a $5.2 billion deal last month.
The Malaysian oil company's chief negotiator is back in
Kuala Lumpur after submitting the revised bid in Canada, the
source told Reuters on Friday. The source did not say what the
changes were from the original bid.
A Petronas spokesman declined to comment on the matter.
Canada blocked Petronas's bid for Progress in October, with
Industry Minister Christian Paradis saying it 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 coast.
Petronas had previously said it plans to make further
submissions to win approval.
The Malaysian state oil firm's chief executive Shamsul Azhar
Abbas was reported as saying by the Financial Times this week
that Petronas would add more independent directors to the board
of Progress to sweeten the deal.
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.
Shares in Nexen and Progress jumped about 3 percent on
Thursday after a report suggested Ottawa might speed up its
decision on whether to allow the Nexen deal.