Kuala Lumpur: Petroliam Nasional Bhd (Petronas) today refuted reports suggesting the national oil firm is planning to exit Canada. ‘Any reports that claim Petronas is leaving Canada are inaccurate,’ the company stated in response to an inquiry from Bernama.

According to BERNAMA News Agency, recent speculation had emerged on Tuesday, indicating that Petronas was exploring options for its Canadian subsidiary, previously known as Progress Energy Resources Corp, including a potential sale. However, Petronas has clarified its continued dedication to its ventures in Canada, which include significant operations such as the North Montney Joint Venture upstream gas development and participation in the LNG Canada gas liquefaction facility in Kitimat, British Columbia.

‘With LNG Canada preparing for its first cargo this year, Petronas is proud to be providing lower-carbon, reliable Canadian liquefied natural gas to support global energy markets for decades to come,’ the company added. Petronas initially expanded its presence in Canada by acquiring Progress Energy in 2012 for approximately US$5.3 billion, a strategic move that bolstered its shale gas portfolio and gas supply capabilities.

The Malaysian oil giant holds a 25 percent interest in the LNG Canada project, a significant liquefied natural gas joint venture that includes partners such as Shell Plc, PetroChina Co Ltd, Mitsubishi Corp, and Korea Gas Corp.