Petronas to sell 25% stake in Canada gas assets to Indian company

Petronas to sell 25% stake in Canada gas assets to Indian company

Malaysia’s Petronas has agreed to sell a 25% stake in its Canadian shale gas assets to an Indian company, the state firm’s president and chief executive, Shamsul Azhar Abbas, said last week.
Petronas is looking to share some of the costs of bringing liquefied natural gas (LNG) from North America to energy-hungry Asia. Indian state oil and gas companies want to expand their portfolios of exploration and producing assets.
The Malaysian firm has already sold a 10% stake in Progress Energy Resources Corp, the integrated shale gas development and LNG project to Japan Petroleum Exploration and another 3% to Petroleum Brunei.
“I am pleased to announce that we have just finalised a further 25% equity participation from an Indian party and an established Asian LNG buyer,” Shamsul said at the LNG Supplies for Asian Markets conference.
He did not name the Indian company or the price paid for the stake. Sources had said earlier that Petronas was in talks with state-run Indian Oil Corp on a 10% stake.

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