​Progress Energy changes name to reflect Malaysia’s energy commitment to Canada

Image: Petronas Canada

Six years after its $5.5-billion acquisition by Malaysia s state-owned oil and gas company, Progress Energy is reflecting that ownership in its name.

The company, which holds 25 percent interest in the $40 billion LNG Canada project in addition to its large land position in northeast B.C., has been renamed Petronas Canada.

"Changing our name from Progress Energy to Petronas Canada is a reflection of our parent company s commitment to Canada, CEO Mark Fitzgerald said in a statement.

I am extremely proud to be part of this global company and am excited about the great future ahead as we drive innovations to provide clean Canadian energy to the world.

The company says it has transformed from a junior exploration company in 2001 to being the largest natural gas resource owner in Canada today. Its 500 employees in B.C. are part of the global Petronas workforce of 50,000.