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.