Petronas to invest $35 billion for LNG in Canada

The Prime Minister of Malaysia said “This is a very significant landmark decision by Petronas, done in the wake of our friendly relationship.”

The Prime Minister said the investment will be the largest foreign direct investment in Canada by any country.

Petronas’ had bid to take over Progress Energy last year, but that initial bid was blocked by the Federal Government.  Prime Minster Harper in December overturned that decision.

“We view the Petronas investments very positively and all the indications I have is that Petronas is looking at further investments. Obviously our policy involves the use of discretion when it comes to state-owned enterprise,” said Harper. 

Harper added that each investment would be judged on its own merit and whether it serves the interests of Canada’s economy, while Najib also pointed out that the pipeline deal in the Petronas LNG project has been awarded to a Canadian firm.