India's state-owned refiner, Indian Oil Corp has said that it is planning to acquiare a 10 per cent stake in Petrona's project in India.

Petronas, which is a major energy firm in Malaysia, has said that it is planning to build a liquefied natural gas (LNG) terminal on Canada's Pacific coast. The Malaysian firm has secured a third equity and offtake partner for the project in Canada.

Petronas said it will sell a 10 percent stake in its Pacific NorthWest LNG project. It will also sell a 10 per cent stake in the northern British Columbia shale gas assets that will supply to the facility. IOC, which is India's largest oil refiner, has also agreed to offtake deal for 1.2 million tonnes of LNG each year, which is 10 per cent of the project's annual exports.

The Pacific NorthWest project is one of the many LNG terminals that are being proposed for British Columbia's rugged Pacific coast. Leading energy firms are increasingly showing interest in developing projects in the region.

IOC and Petronas did not disclose the financial details of their deal.