Petronas Buys Canada's Progress Energy

Petronas has agreed to buy Canadian natural gas producer Progress Energy Resources Corp for a sum of approximately $4.7 billion to boots is overseas assets. 

The two companies have already been working together to develop some of Progress' shale gas reserves and to develop a liquefied natural gas export facility in western Canada. 

 "The proposed transaction will combine Petronas' significant global expertise and leadership in developing LNG infrastructure with Progress' extensive experience in unconventional resource development," Datuk Anuar Ahmad, head of the gas and power business for Petronas, said in a statement. 

Transaction has received the unanimous approval of Progress’ Board of Directors.