Indian Oil Corp. Buys Into Petronas' LNG Project in Canada

摘要

Malaysian state firm Petronas has agreed to sell a 10% interest in its shale gas assets in northeast British Columbia and its proposed Pacific NorthWest LNG export facility to Indian Oil Corp. (IOC) for an undisclosed amount. As part of the deal, state-controlled IOC has agreed to offtake 1.2 million tons of LNG per year for 20 years, the two companies said. Petronas had previously disclosed plans to sell down its stake in the LNG export project before capital spending requirements take off. IOC was rumored last month to be pursuing a 10% stake for around C$1 billion (US$902 million).