Indian Oil Corporation (IOC) has reported received its board’s approval to buy 10% stake in Petronas Canada Assets. The stake buy in Canada Shale Asset is likely to cost $800-900 million.
IOC is looking to expand its portfolio of exploration and producing assets while Petronas wants to share some of its costs.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.