PETRONAS BUYS 25% IN CANADA LNG PROJECT

A year after Malaysia’s state-owned Petroliam Nasional Bhd called off its $28 billion LNG export terminal in British Columbia, it is buying a 25 per cent stake in a $31 billion LNG export project in Canada, led by Royal Dutch Shell. Petronas abandoned its plans last July, citing spiralling costs and falling prices, but had no Plan B to ship the gas produced by its Progress Energy Canada unit to Asia.