New Delhi/Singapore, 25 February: Indian Oil Corp will buy Malaysian firm Petronas’ 10 per cent stake in a shale gas assets and liquefied natural gas project in British Columbia for $900 million.
The acquisition of stake in Progress Energy Resources Corp for Canadian dollar 1 billion (US dollar $900 million) marks IOC’s maiden entry into North America.
“I am pleased to announce that we have just finalised a further 25 per cent equity participation from an Indian party and an established Asian LNG buyer,” the Malaysian state firm’s president and chief executive Shamsul Azhar Abbas said at the LNG Supplies for Asian Markets conference in Singapore.
Though he did not disclose the identity of buyers, sources said IOC is buying 10 per cent stake. pti