Malaysia’s Petronas agreed to purchase Progress Energy in a $5.5 billion deal.

The transaction, which received the unanimous approval of Progress' board of directors, brings Petronas substantial investments in LNG infrastructure and access to world markets through established channels. The Canadian operations will stay in Calgary for upstream with a commercial office in Vancouver for LNG.

The acquisition of Progress is consistent with Petronas’ strategy of strengthening its position as one of the global leaders in LNG.