Indian Oil Corporation (IOC) is planning to acquire 10% stake in Malaysian firm Petronas’ shale-gas assets and liquefied- natural-gas (LNG) project in British Columbia for $900 million. The acquisition of stake in Progress Energy Resources Corporation for 1 billion Canadian dollars ($900 million) marks IOC’s maiden entry into North America.
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.