Petronas has swooped in to buy Progress Energy, its partner in a proposed Canadian LNG export project.
The Malaysian state-owned energy company has struck a deal to pay C$20.45 per share for the Calgary-based shale gas asset holder, valuing the transaction at about C$5.5 billion (US$5.33 billion).
Petronas said the takeover is part of its strategy to strengthen its position in the LNG market.
