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Petronas aims to sell more of Canada LNG project

05.14.2014  | 

Petronas may sell as much as a 12% in the proposed liquefied natural gas (LNG) facility in British Columbia, CEO Shamsul Azhar Abbas told reporters this week in Kuala Lumpur.



Petroliam Nasional Bhd., Malaysia’s state oil company, said it’s in talks to sell an additional stake in a Canadian gas project.

Petronas may sell as much as a 12% in the proposed liquefied natural gas (LNG) facility in British Columbia, CEO Shamsul Azhar Abbas told reporters in Kuala Lumpur. Discussions are on with at least three parties, he said.

“We are in no hurry to sell,” Shamsul said. “We will take our time. If the price is right we’ll sell it.”

Petronas, which began a review of its assets four years ago, last month cut its stake in the Canadian project to 62 percent, having concluded deals with buyers from China, India, Brunei and Japan. It’s also looking to sell stakes in exploration and production projects in Vietnam and last month said it would proceed with a $27 billion investment in a refining and petrochemicals project in the southern state of Johor, bordering Singapore.

The company said first-quarter net income fell 8% to 16.2 billion ringgit ($5 billion) in the three months through March, from 17.6 billion ringgit a year earlier. Revenue increased 9.6% to 84 billion ringgit.

The drop in first-quarter profit was due to increased operating costs after the company booked impairment expenses mainly in Egypt, Petronas said. It also incurred costs for LNG imports at a new regasification terminal in Malaysia, the company said.

Total production rose to 2.26 million bpd of oil equivalent in the first quarter from 2.16 million a year ago, the company said. Oil in New York trading averaged $98.61/bbl during the three-month period, compared with $94.36 a year earlier, according to data compiled by Bloomberg.

Petronas has $1.5 billion of dollar-denominated Islamic bonds maturing August this year and another $625 million debt due in 2015, according to data compiled by Bloomberg. The company will redeem the papers due this year and doesn’t plan to refinance them, chief financial officer George Ratilal said.

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