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    Petronas in talks to sell stake in Canada shale to IOC

    Malaysia's Petronas is in talks to sell 10 percent of its Canadian shale gas assets to Indian Oil Corp, sources with direct knowledge of the matter said, mirroring a deal it signed earlier this year with a Japanese company.

    July 10, 2013 / 11:37 IST

    Malaysia's Petronas is in talks to sell 10 percent of its Canadian shale-gas assets to Indian Oil Corp, sources with direct knowledge of the matter said, mirroring a deal it signed earlier in 2013 with a Japanese company.

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    State-run Petronas in 2012 bought Canada's Progress Energy Resources Corp in a CD 5.2 billion deal that gave it shale gas properties in northeastern British Columbia.

    In March it sold a 10-percent stake in the integrated shale gas development and liquefied natural gas project to Japan Petroleum Exploration. Financial details of that deal have yet to be revealed publicly.

    Terms of a potential deal between Petronas and state-run Indian Oil have not yet been worked out, the sources said.

    first published: Jul 9, 2013 08:06 pm

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