A growing Southeast Asian middle class is a key driver, said Parent. And having a stream of top Canadian officials from ministers to the Governor General and now the prime minister visit the region in recent years has helped as well. “I can tell you it’s translated into increased business for us in Brunei, in the Philippines and other (regional) nations,” Parent told reporters. He was part of the round table group that met Harper on Saturday in a downtown hotel. Talisman Energy, Bombardier Rail, Teknion Furniture and several major financial institutions are among the Canadian firms already cashing in on regional growth. CAE Inc., does all the pilot training for Air Asia, a discount airline that’s the fastest growing in the region. Canadian business presence in Malaysia may be growing, but the Chinese regional colossus puts Canada-Malaysian two-way trade in sharp perspective and explains the fawning media coverage accorded President Xi’s visit. Canada-Malaysia commercial trade tops out at about $3 billion annually, while China is doing almost $100 billion dollars a year in trade with Malaysia. On Saturday, President Xi said he’d like to see that total hit $160 billion a year by 2017. Small wonder then that Harper is keying in on trade talks with Pacific Rim countries Malaysia included as part of the Trans-Pacific Partnership negotiations. Those talks will be a subtext of the leaders’ summit that begins Monday on the Indonesian island of Bali, where Harper heads later Sunday.
Petronas Plans $35 Billion LNG Project in Canada, Najib Says
This is a very significant landmark decision by Petronas, done in the wake of our friendly relationship, Najib said. Petronas, as Petroliam Nasional is known, completed the C$5.2 billion ($5.1 billion) takeover of Canada s Progress Energy Resources Corp. in 2012, after Harpers government initially blocked the deal. Najib confirmed in April that he wrote a letter to his counterpart giving assurances of minimal state interference in the oil and gas groups daily operations. We view Petronas investments very positively, and all the indications I have is that Petronas is looking at further investments, Harper said yesterday. The government of Canada is very excited by that possibility as are all those Ive talked to in the energy sector. The acquisition gave the Southeast Asian group ownership of the second-biggest stakeholder in the Montney shale-gas area of British Columbia, and full control of three Progress Energy fields in which Petronas previously held stakes. TransCanada Pipeline The Petronas terminal will be located in Prince Rupert, British Columbia. Itll process natural gas extracted by Progress Energy and shipped through a pipeline built by TransCanada Corp. (TRP) , according to the projects website . Najib reiterated yesterday Petronas will invest C$36 billion to develop the LNG project. The C$36 billion figure includes Petronas cost of acquiring Progress Energy, building the terminal and the pipeline, and completing upstream activities such as drilling wells, said Greg Kist, president of Pacific NorthWest LNG, the Petronas-owned company that will operate the LNG terminal. Shipments are expected to begin in 2018, he said.