Written by: Press Trust of India
2 min readNew DelhiJul 10, 2013 06:02 AM IST
First published on: Jul 10, 2013 at 06:02 AM IST
State-owned Indian Oil Corp IOC is in talks to buy Malayasian oil firm Petronas 10 per cent stake in Canadian shale gas assets,which are touted to be worth at least 1.5 billionvery preliminary talks,they said adding the outcome of the negotiations would be known only after some months. Petronas,they said,has put at least 1.5 billion as the value for its 10 per cent stake. The final sale price is likely to be substantially different.
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The Malaysian firm,through its wholly-owned subsidiary Petronas International Corp,had in 2011 bought Canadas Progress Energy Resources Corp in a Canadian dollar 5.2 billion deal to get the Altares,Lily and Kahta shale gas assets in northeastern British Columbia. It had in March sold a 10 per cent stake in this shale gas project and an accompanying project to turn the gas into liquid LNG to Japan Petroleum Exploration for an undisclosed amount.
Sources said details of the deal between IOC and Petronas have not been worked out as the talks are at preliminary stage. IOC which had previously ventured into overseas oil and gas exploration and production with state-owned explorer Oil India Ltd,is currently talking to Petronas alone.
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