Indian Oil Corporation (IOC) on 14 October 2014 announced that it will invest 4 billion US dollar in the British Columbia province, Canada, to source liquefied natural gas (LNG) from the region.
The investment is biggest ever from IOC in Canada to secure natural gas for India.
IOC had signed a deal to buy 10 per cent stake in shale-gas assets and a linked liquefied natural gas (LNG) project in British Columbia in May 2014.
The deal marked the entry of IOC into North America.
As part of the transaction, IOC has also agreed to offtake 1.2 million tonnes (mt) of LNG per annum, which represents a 10 per cent of the LNG facility’s production, for a minimum period of 20 years.
Indian Oil Corporation Limited is an Indian state-owned oil and gas corporation with its headquarters in New Delhi, India.
The company is mainly controlled by Government of India which owns approx. 79% shares in the company. It is one of the seven Maharatna status companies of India.
It is the world's 88th largest corporation, according to the Fortune Global 500 list, and the largest public corporation in India when ranked by revenue.
When: 14 October 2014