MidOcean emerges as frontrunner for Petronas Canada unit stake

European Equities Break Out After 25 Years - Is This the Long-Awaited Rotation?

MidOcean emerges as frontrunner for Petronas Canada unit stake - Bloomberg

Published Jul 11, 2025 18:56

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Investing.com -- MidOcean Energy has emerged as the leading bidder to acquire a minority stake in Petroliam Nasional Bhd.'s Canadian business, according to Bloomberg, citing people familiar with the matter.

The liquefied natural gas company, founded by private equity firm EIG and backed by Saudi Aramco (TADAWUL:2222), has been selected as the preferred bidder by Petronas, the Malaysian state energy firm. Both companies are currently engaged in advanced discussions to finalize the details of the transaction.

The stake could be valued at several billion dollars, with the entire Canadian unit potentially worth between $6 billion and $7 billion, according to sources close to the negotiations.

Petronas has been exploring various options for its Canadian business, which was previously known as Progress Energy Resources Corp., since at least June when the company's strategic review was first reported.

The potential deal represents a significant move in the global energy sector, particularly in the North American natural gas market where both companies have strategic interests.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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