Malaysia’s state-owned energy giant to spend $36B building gas plant, pipeline in Canada

National Post | News

Stephen Harper arrived for a summit of Asian leaders Sunday with economic momentum, following an announcement that Malaysia’s state-owned energy giant, Petronas, plans what its prime minister termed a “gargantuan” investment of $36-billion in Canada.

Petronas plans to build both a liquefied natural gas plant and fund the building by a Canadian company of a pipeline from the plant, Malaysian Prime Minister Najib Razak said Sunday. This investment will be in addition to the nearly $6 billion Cdn that Petronas paid last year to purchase Calgary-based Progress Energy Inc.

“I am told this is the largest direct investment in Canada by any country,” Najib said at a brief news conference in the opulent prime minister’s office in Putrajaya, near Kuala Lumpur, before he and Harper left Malaysia separately to attend the annual APEC summit of Pacific Rim leaders.

The largest direct investment in Canada by any country

“This is a…

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