India's IOC acquires stake in LNG export project

Petroliam Nasional Berhad

Petroliam Nasional Berhad (Petronas) reports that Progress Energy Canada Ltd. and Pacific NorthWest LNG Ltd. have signed transaction agreements whereby Indian Oil Corp. Ltd. (IOC), through its affiliates, will acquire a 10% interest in Progress Energy’s LNG-destined natural gas reserves in northeast British Columbia and in the proposed PNW LNG export facility on Canada’s West Coast.

As part of the transaction, IOC has also agreed to offtake 1.2 million tons of liquefied natural gas (LNG) per annum, which represents 10% of the LNG facility’s production, for a minimum period of 20 years.

This transaction builds upon the two transactions in 2013 that saw JAPEX Montney Ltd. acquire 10% and PetroleumBRUNEI acquire 3%. Following the closing of the IOC acquisition, Petronas will hold 77% of the integrated project and will continue to work with potential customers and partners to secure markets for LNG.



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