KUALA LUMPUR Dec 9 Petroleum Brunei will buy a
3 percent stake in Malaysian state firm Petronas' shale gas
assets in Canada for an undisclosed sum, becoming the second
firm to share development costs and take up liquefied natural
gas (LNG) from the $35 billion project.
Petronas said on Monday that Brunei's state oil
firm will acquire 3 percent equity in the natural gas assets of
Progress Energy Canada and the Pacific Northwest LNG facility
with a total capacity of 12 million tonnes per year.
"As part of the proposed transaction, Petroleum Brunei has
agreed to buy a 3 percent share of the LNG facility's production
for a minimum of 20 years," Petronas said in a statement
following a meeting between Malaysian Prime Minister Najib Razak
and Brunei's Sultan Hassanal Bolkiah over the weekend.
Petroleum Brunei's deal comes after Japan Petroleum
Exploration Co agreed to buy a 10 percent stake in the
integrated shale gas development and LNG project in March for an
Petronas, which plans to cut its stake in the project to 50
percent, has also been in discussions with energy firms in China
and India to buy into the development and also take up the LNG
exports, sources have earlier told Reuters.
(Reporting by Niluksi Koswanage; Editing by Matt Driskill)