Petronas Sells 10% Canadian LNG Stake To Indian Oil

Law360, New York (March 7, 2014, 1:40 PM EST) -- Malaysian state hydrocarbon developer Petronas will sell 10 percent of its British Columbia LNG assets to India Oil Corp. Ltd, the companies said Friday.

Though the companies didn't name the transaction price, Indian and American news reports suggest that India Oil took out a $900 million bridge loan to finance the deal. If approved, India Oil will own a stake in Progress Energy Canada's gas reserves and pending export facility on Canada's west coast.

“Each of these major investments in British Columbia underscores the globally attractive...
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