IOC to buy stake in proposed PNW LNG terminal

03/17/2014
Indian Oil Corp. Ltd. (IOC) has signed an agreement with Progress Energy Canada Ltd., Calgary; Pacific Northwest LNG Ltd. (PNW LNG), Vancouver, BC; and Malaysia's Petronas in which affiliates of IOC will purchase 10% interest in the proposed PNW LNG export facility on Canada's west coast and Progress Energy's LNG-destined gas reserves in northeast British Columbia. As part of the transaction, IOC has agreed to offtake 1.2 million tonnes/year (tpy) of LNG for a minimum of 20 years. The volume represents 10% of the LNG facility's production. Japan Petroleum Exploration Co. in 2013 agreed to join the venture and bought a stake in the North Montney shale gas project from Petronas, which acqui...
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