View gallery The Malaysian firm Petronas, the logo of which is shown here in Kuala Lumpur, is to embark on a $35 billion liquid natural gas project in Canada (AFP Photo/) 9 hours ago Kuala Lumpur (AFP) – Petronas will embark on a $35 billion liquid natural gas (LNG) project in Canada following the reversal of Ottawa’s decision to block the Malaysian national oil company’s purchase of Canadian gas producer Progress Energy Resources. At a joint press conference Sunday with his Canadian counterpart, Malaysian Prime Minister Najib Razak said this followed from the “approval principally” given for the state energy firm’s $5.5 billion purchase. Najib announced that Petronas will spend CAD$36 billion to build “all the facilities upstream including investment in a pipeline” which he said was the “largest foreign direct investment in Canada by any country”. “We believe this project will be mutually beneficial because it will open up Canadian energy to new markets, principally East Asia,” he added of the “gargantuan investment”. Petronas’ bid for Progress was initially blocked in October last year, raising questions over Canada’s openness to foreign investment, before Canadian Prime Minister Stephen Harper reversed the decision in December. Harper batted away concerns over Canada’s foreign investment policy Sunday, saying that total FDI “has continued to increase over the past year and has increased very rapidly. I’m told it’s up by almost a third”. “We view the Petronas investments very positively and all the indications I have is that Petronas is looking at further investments. Obviously our policy involves the use of discretion when it comes to state-owned enterprise,” he said. Harper added that each investment would be judged on its own merit and whether it serves the interests of Canada’s economy, while Najib also pointed out that the pipeline deal in the Petronas LNG project has been awarded to a Canadian firm. Government Actress Gives Birth to Son With Husband Olivier Martinez Good Morning America
Petronas to build $35bn LNG plant in Canada
People are suffering. Its as simple as that. As the Stars Nicholas Keung reports, the Wellesley Institute examined the impact of the cuts in a 19-page report this past week. It shows three trends, all anticipated by critics of the federal cutbacks well before they took effect. People with serious problems are being charged thousands of dollars for treatment. If they cant pay, theyre told to go away. And those who might qualify for some coverage are needlessly denied because health officials are confused about the new rules. Its a shameful way for Canada, a nation of immigrants, to treat those who seek refuge on our shores. The Wellesley Institute study provides ample confirmation that Ottawas policies are harming women and children. Its hard to believe that this will resonate with anyone but the most right wing of government supporters. Most Canadians arent that heartless.