Energy Biz Wrap: Apache Postpones Kitimat, Canada Looks At Petronas Bid
Apache Corporation (NYSE:APA) has postponed its proposed $3 billion Kitimat project, while competitors have undercut its ability to win customers to long-term supply contracts, leaving Kitimat without sufficient clients to start construction. Observers say that Cheniere Energy (AMEX:LNG) offers liquefied natural gas at prices that are based on the less expensive Henry Hub benchmark, driving potential Apache buyers to drive a harder bargain.
A deadline set by the government of Canada for review of a proposed $6 nillion takeover of Progress Energy Resources (PRQNF.PK) by Petronas ended Friday. Analysts will be seeking signs that the mindset of the government is like its attitude towards the Chinese firm Cnooc’s (NYSE:CEO) deal to acquire Nexen (NYSE:NXY).
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