Reuters logo
Petronas in talks to sell stake in Canada shale to Indian Oil-sources
July 9, 2013 / 12:21 PM / in 4 years

Petronas in talks to sell stake in Canada shale to Indian Oil-sources

KUALA LUMPUR/NEW DELHI, July 9 (Reuters) - Malaysia’s Petronas is in talks to sell 10 percent of its Canadian shale gas assets to Indian Oil Corp, sources with direct knowledge of the matter said, mirroring a deal it signed earlier this year with a Japanese company.

State-run Petronas last year bought 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. Financial details of that deal have yet to be revealed publicly.

Terms of a potential deal between Petronas and state-run Indian Oil have not yet been worked out, the sources said.

$1 = 1.0560 Canadian dollars Reporting by Niluksi Koswanage in KUALA LUMPUR and Nidhi Verma in NEW DELHI; Additional reporting by Sumeet Chatterjee in MUMBAI. Editing by Tony Munroe

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below