“I am pleased to announce that we have just finalized a further 25 per cent equity participation from an Indian party and an established Asian LNG buyer,” the Malaysian corporation’s president and CEO Shamsul Azhar Abbas said at a conference in Singapore.
According to reports, state-owned Indian Oil Corp will acquire a 10% stake for $1 billion, marking IOC’s entry into Canada.
Petronas previously said it’s looking to sell 50 percent of Progress–this deal leaves only a 12% stake left in Progress for Petronas to sell.
According to Petronas’ CEO: “We are in advanced talks with other buyers for the remaining 12 percent.”