December 4, 2012 / 4:33 PM / in 5 years

Progress CEO hopes for deal decision by year-end

CALGARY, Alberta, Dec 4 (Reuters) - Progress Energy Resources Corp’s chief executive said on Tuesday that he hopes for a decision from Ottawa on the C$5.2 billion ($5.2 billion) takeover of his company by Malaysia’s Petronas this year.

Progress CEO Michael Culbert also said in an interview that a completed deal would increase the ability of the partners’ planned LNG export plant on Canada’s West Coast to expand because all of Progress’s gas-producing lands could be directed to the initiative.

Progress and Petronas currently have a joint venture in the Montney region of British Columbia, and gas from that acreage is earmarked for the proposed plant, which would cost up to C$11 billion.

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