Indian Oil Corp (IOC) may buy 10 percent stake in Canadian shale gas assets from Malaysia’s Petronas, reports indicate. Both the firms are said to be holding discussion on this matter.
It is learnt that both the firms are yet to work out the terms of a potential deal.
Last year, state-run Petronas acquired Canada’s Progress Energy Resources Corp in a C$5.2 billion ($4.92 billion) deal that gave it shale gas properties in northeastern British Columbia.
In March, it sold a 10 percent stake in the integrated shale gas development and liquefied natural gas project to Japan Petroleum Exploration.
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