Govt wants Petronas to revise bid or do its best for Canadian project

The government wants Petronas, Malaysia’s national oil and gas company, either to rebid or do its best to ensure the success of its C$5.17 billion acquisition of Canadian firm, Progress Energy Resources Corp.

Minister of Energy, Green Technology and Water, Datuk Seri Peter Chin Fah Kui said, “There is a 30-day period which they can still talk to the authorities.

“Well I suppose they (Petronas) have been working very hard on that project, of course it will be like a setback to them,” he told reporters after participating as one of the panelists at the Singapore Energy Summit here yesterday.

The event was held in conjunction with Singapore International Energy Week.

Chin was asked to comment on whether Canada’s decision to block Petronas’ bid for gas producer Progress Energy Resources was a setback.

The minister said he did not know of the process but “I was told that there is a 30-day period”.

Asked whether Petronas would appeal, Chin said,”I am sure because of this sizeable investment that they have been proposing … I am sure that they will conduct everything possible from their angle that is needed.

“Be it to revise bid or whatever is needed, this is something I can only tell as somebody who sits in the oil and gas committee, I feel it is important for them to do something about it,” said Chin, who is a member of the oil and gas committee.

When asked on Malaysia’s outlook on energy demand in the next three to five years, Chin said,“We are talking about 2015-16 that is our projection for the next line up in terms of demand.

He said Malaysia will need another 4,500 megawatts by 2016.
“We have just recently conducted bidding process for the 4,500 megawatts,” he added. — Bernama