India’s IOC buys stake in Petronas’Canadian project

摘要

Malaysian state-owned oil company Petronas has agreed to sell a 10pc stake in its Pacific Northwest LNG project to India’s state-controlled IOC.The move will reduce Petronas’funding require-ments for the project,which is located in British Columbia,Canada,and locks in a major fuel buyer. IOC,India’s largest fuel retailer,will buy 1.2mn t/yr of LNG from the develop-ment for at least 20 years and will receive 10pc in the shale gas assets that feed the plant.IOC could bring the LNG sup-plies to the 5mn t/yr import facility it is building at Ennore in southern India.The companies decline to disclose financial terms of the deal,but the purchase price is estimated to be as high as$900mn.