The transaction involves IOC taking both a 10% stake in the gas reserves destined for the terminal and the terminal itself for an undisclosed sum.
The Indian company has also agreed to offtake 10% of the project’s liquefied petroleum gas, or 1.2 million tonnes of LPG, for a minimum of 20 years.
While Friday’s signing had been flagged in advance, the farminee was previously only identified as an Indian company.
Petronas
