Speech Article from  Industry Canada

Minister of Industry Confirms Notice Sent to PETRONAS Carigali Canada Ltd. Regarding Proposed Acquisition of Progress Energy Resources Corp.

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Ottawa, October 19, 2012—Today, the Honourable Christian Paradis, Minister of Industry, made the following statement regarding the proposed acquisition of Progress Energy Resources Corp. (Progress Energy) by PETRONAS Carigali Canada Ltd. (Petronas):

"I can confirm that I have sent a notice letter to Petronas indicating that I am not satisfied that the proposed investment is likely to be of net benefit to Canada.

"I came to this decision after a careful and thorough review of the proposed transaction. Under the Investment Canada Act, Petronas now has up to 30 days to make any additional representations and submit any further undertakings, which can be extended with my agreement and that of the investor. Subsequently, I will either confirm this initial decision or approve the acquisition.

"Due to the strict confidentiality provisions of the Act, I cannot comment further on this investment at this time.

"Canada has a long standing reputation for welcoming foreign investment. The Government of Canada remains committed to maintaining an open climate for investment."

For further information (media only), please contact:

Margaux Stastny
Director of Communications
Office of the Honourable Christian Paradis
Minister of Industry

Media Relations
Industry Canada

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