Oil drilling in Canada
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Petronas weighs appeal after Canada blocks oil deal

There are predictions that Monday will be a volatile day of trading in shares of Canadian energy companies, after the government blocked the Malaysian state oil company Petronas from acquiring Progress Energy Resources.

The veto of Petronas's C$5.17 billion ($5.22 billion) deal raises doubts about the outcome of the offer from CNOOC of China to takeover the Canadian oil producer Nexen.

The BBC's correspondent in Malaysia, Jennifer Pak, says Petronas has 30 days to appeal the decision.

  • 22 Oct 2012
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