Indian Oil Corporation (IOC) aims to invest $4 billion in the Petronas-operated Pacific Northwest LNG project in BC to secure supplies of the chilled gas.
“ IOC is poised to make its biggest investment in Canada to secure natural gas for India from BC ,” said BC’s premier Christy Clark, who is currently in India on a trade mission.
IOC has in March this year signed a deal to buy 10 percent stake in Progress Energy’s LNG-destined natural gas reserves in northeast BC and the proposed PNW LNG export facility on Canada’s West Coast.
As part of the deal, IOC has also agreed to offtake 1.2 million tons of LNG per annum, which represents 10 percent of the LNG facility’s production, for a minimum period of 20 years.