Indian Oil Corp Plans $4 bn Investment to Source LNG from British Columbia

State owned Indian Oil Corporation (IOC) will invest $4 billion in the British Columbia (BC) to source LNG from the region, Press Trust of India reported Tuesday.

"Indian Oil is poised to make its biggest investment in Canada to secure natural gas for India from BC,” Premier of British Columbia, Canada Christy Clark said in the Indian city of Chandigarh.

Earlier this year, Indian Oil signed a deal with Progress Energy for the acquisition of a 10 percent interest in Progress Energy Canada’s shale gas assets in northeast British Columbia and in the proposed Pacific NorthWest LNG project.

Clark said that the province would like to partner with India to realise its potential by providing LNG to power its future.

Projecting BC as an attractive destination for investment in the LNG space, Clarke said: "There are several advantages -- short transportation time to Asia to save cost, lower operating costs, vast gas reserves, stable and reliable jurisdiction and a strong regulatory regime."