Petronas Canada Sale Sparks Political Firestorm in Malaysia

Petronas' potential sale of its Canadian subsidiary, Progress Energy, has sparked controversy in Malaysia. The opposition party PAS is demanding transparency from the government, citing concerns about the sale's impact on the nation's economy. PAS leader Ahmad Fadli Shaari stated, "The government must provide a full report to investors and the public regarding the Progress Energy sale." The estimated sale price is between $6 and $7 billion, significantly higher than the A$5.3 billion paid in 2012. Bloomberg reports Petronas is working with a financial advisor to assess the sale's potential, adding further fuel to the debate. The situation highlights the ongoing tension between the government and the opposition over the management of state-owned assets.