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Petronas submits modified bid for Progress: rpt


Malaysian state oil company Petronas has submitted a modified bid for Canada's Progress Energy Resources (PRQ-T), a Petronas source with knowledge of the matter tells Reuters, after Ottawa blocked a $5.2-billion US deal last month.

The Malaysian oil company's chief negotiator is back in Kuala Lumpur after submitting the revised bid in Canada, the source told Reuters on Friday. The source did not say what the changes were from the original bid.

A Petronas spokesman declined to comment on the matter.

Canada blocked Petronas's bid for Progress in October, with Industry Minister Christian Paradis saying it was unlikely to bring a "net benefit" to the country. Petronas and Progress are planning a multibillion-dollar liquefied natural gas plant on Canada's west coast.

Petronas had previously said it plans to make further submissions to win approval.

The Malaysian state oil firm's chief executive Shamsul Azhar Abbas was reported as saying by the Financial Times this week that Petronas would add more independent directors to the board of Progress to sweeten the deal.

The Canadian government, sources have told Reuters, wanted to approve the deal but was afraid doing so would tie its hands when reviewing a much more controversial $15.1-billion bid by China's CNOOC Ltd for Nexen Inc.

Shares in Nexen and Progress jumped about 3 percent on Thursday after a report suggested Ottawa might speed up its decision on whether to allow the Nexen deal. CTV Two CTV News CTV News Channel BNN - Business News Network CP24