SINGAPORE, Oct 22: Canada’s decision to block Malaysian state oil firm Petronas’ $5.2 billion bid for gas producer Progress Energy Resources is a setback for Petronas, Malaysia’s Energy Minister Peter Chin said on Monday.
Canada’s Industry Minister Christian Paradis made the announcement in a statement minutes before a deadline late on Friday in Canada.
‘This is a setback, no doubt,’ Chin told Reuters. But he added that the rejection will not deter Petronas from investing in other regions. (agencies)
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