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Saturday, 8 March 2014

downloadPETALING JAYA: Indian Oil Corp Ltd is to acquire 10% in Petroliam Nasional Bhd’s (Petronas) Canadian shale gas reserves and liquefied natural gas (LNG) export terminal, ending months of speculation on the deal. The national oil company said in a statement yesterday that Indian Oil had also signed an offtake agreement for 1.2 million tonnes of LNG per year, or the equivalent of 10% of the LNG facility’s production, for a minimum period of 20 years. This is the third deal inked by Petronas with international partners since buyingProgress Energy Canada Ltd for C$5.2bil (RM15.4bil) in 2012. Petronas had earlier hived off a 10% interest in its Canada assets to Japan Petroleum Exploration Co Ltd and 3% to PetroleumBRUNEI, which has an option to increase its equity to 5%. This dilutes Petronas’ interest in Progress to 77%. It is hoping to farm out up to 50% of its northeast British Columbia-based facility, president and chief executive officer Tan Sri Shamsul Azhar Abbas told the media on Tuesday. He said Petronas was looking to sell a further 15% to an Asian LNG buyer by the end of March. Three companies had been appointed to undertake the front-end engineering and design by August, before a final investment decision would be reached by year-end, he added. Shamsul said details on the terminal capacity (200 million tonnes), location and 2018-2019 commissioning date had been nailed down. Source :  http://www.thestar.com.my/Business/Business-News/2014/03/08/Indian-Oil-to-buy-Petronas-asset-Purchase-of-10-stake-in-Canadian-interest-ends-months-of-speculatio/


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