(Removes reference to Petronas being unaware of new investment
framework when it resubmitted its bid)
KUALA LUMPUR Nov 29 Malaysian state oil company
Petroliam Nasional Bhd (Petronas) said Canadian policy on
foreign investment has left potential investors confused, saying
the energy industry has "no clue" about its new framework for
The Malaysian firm's initial bid for Canada's Progress
Energy Resources was blocked by the Canadian government
last month when Industry Minister Christian Paradis said it was
unlikely to bring a "net benefit" to Canada.
Petronas resubmitted a $5.2 billion bid for the firm earlier
this month, but its CEO Shamsul Azhar Abbas told reporters on
Thursday that Canada's requirements remained unclear.
"The whole industry has no clue on what the framework is
going to be. Whatever it is, we leave it to them now," Shamsul
added, after the company released third-quarter results.
. He said that Petronas had now given the
Canadian authorities what it felt was what they needed to show a
Canada has said it will unveil new policy guidelines on
foreign investment at about the time it announces verdicts on
the Petronas offer for Progress Energy and a much bigger $15.1
billion takeover bid by China's CNOOC Ltd for Nexen
Inc , a Canadian oil company.
A review period for the CNOOC deal has been extended to Dec.
Canadian Prime Minister Stephen Harper said on Wednesday
that decisions would be made soon on the two bids, even though
U.S. regulatory authorities this week signalled they may delay
approving the deals.
When Paradis rejected the Petronas offer, the Malaysian
group was given time to resubmit its bid with additional
undertakings. Petronas and Progress Energy - which plan a
multi-billion dollar liquefied natural gas plant on Canada's
west coast - have extended a deadline to complete the deal to
Dec. 30, the two firms said in a statement last week.
(Reporting By Al Zaquan Amer Hamzah; Writing by Siva
Sithraputhran; Editing by Ian Geoghegan)