Petronas, Progress Energy Canada Ltd. (Progress Energy) and Pacific NorthWest LNG Ltd. (PNW LNG) have signed transaction agreements whereby Indian Oil Corporation Ltd., through its affiliates, will acquire a 10 per cent interest in Progress Energy's LNG-destined natural gas reserves in northeast British Columbia and in the proposed PNW LNG export facility on Canada's West Coast. As part of the transaction, Indian Oil Corporation Ltd. has also agreed to offtake 1.2 million tons of liquefied natural gas (LNG) per annum, which represents 10 percent of the LNG facility's production, for a minimum period of 20 years.
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