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Home Energy News Asian company invests in Northeast B.C.

Asian company invests in Northeast B.C.


Progress Energy Resources Corporation is the latest Canadian oil and gas company to join forces with a global partner, in the potentially lucrative natural gas scene here in Northeast B.C.
The company says it has struck a development deal worth slightly more than one billion dollars with Malaysia’s national oil company.
The agreement gives both companies the option to develop liquefied natural gas export capacity in this province and Progress claims it could could eventually lead to a new liquefied natural gas export terminal on the west coast.
Under the terms of the deal, Progress would remain operator of the partnership’s Montney lands, while the Asian company would operate and own 80 per cent of the possible LNG joint venture.
The Calgary-based company joins an ever-growing list of Canadian companies, to enlist the help of deep-pocketed international partners.
As a result Progress shares gained more than three per cent today on the Toronto Stock Exchange, to 14 dollars and 42 cents.

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