February 25, 2014 / 2:16 AM / 4 years ago

CORRECTED-Petronas to sell 25 pct stake in Canada's Progress

(Corrects headline and first and second paragraphs to say the stake will be sold to two companies, not one)

SINGAPORE, Feb 25 (Reuters) - Petronas has agreed to sell a 25 pct stake in Canada’s Progress Energy Resources Corp to an Indian company and an Asian gas buyer, the Malaysian state oil firm’s president and chief executive Shamsul Azhar Abbas said on Tuesday.

He did not name the Indian company or the Asian liquefied natural gas (LNG) buyer, and wouldn’t disclose the price at which Petronas will sell the stake.

Shamsul has previously said the company was close to selling a stake in its Canadian shale gas assets to an Indian company. Petronas is looking to share some of the costs of bringing cheap liquefied natural gas from North America to energy-hungry Asia.

Petronas, which has been expanding abroad to shore up future earnings as output slows at home, bought Canada’s Progress Energy Resources in 2012 in a deal worth around $5 billion that gave it shale gas properties in northeastern British Columbia. (Reporting By Jacob Gronholt-Pedersen; Editing by Paul Tait)

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