December 4, 2012 / 2:35 PM / in 5 years

Progress Energy, Petronas LNG export facility enters design phase

Dec 4 (Reuters) - Progress Energy Resources Corp, whose $5.2 billion takeover by Malaysia’s Petronas is being reviewed by the Canadian government, said its LNG export facility on the country’s Pacific coast is moving into the design phase.

The joint venture, Pacific Northwest LNG, in which Petronas is a partner, has the capacity to export about 3.8 million tonnes of natural gas a year per train, Progress said.

Petronas in November submitted a modified bid to acquire Progress, after the federal government rejected an earlier bid.

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