Petronas to Sell 25% Stake in Proposed B.C. LNG Terminal

Reuters reported that Malaysian oil company Petronas has agreed to sell an additional 25% share in its affiliate Progress Energy Resources’ Canadian shale gas assets and proposed LNG project. An Economic Times report states that Indian Oil Corporation will purchase a 10% share for $900 million, and the remaining 15% may be purchased by an undisclosed Chinese company.  Petronas affiliate Pacific NorthWest LNG has proposed to construct an LNG export terminal project at Prince Rupert, British Columbia.  Read more in The Globe and Mail article.

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