Indian Oil Corporation to invest $4 billion in British Columbia province in Canada

NEW DELHI: Indian Oil Corporation will invest $4 billion in the British Columbia province, Canada, to source liquefied natural gas from the region. Premier of British Columbia, Canada Christy Clark said: “Indian Oil is poised to make its biggest investment in Canada to secure natural gas for India from BC.” She said the state-run firm will invest USD 4 billion for securing LNG supplies from the Canadian province.

IOC, in May, signed a deal to buy 10 per cent stake in shale-gas assets and a linked liquefied natural gas (LNG) project in British Columbia.The Canadian asset will produce as much as 19.68 million tonnes of LNG a year for 25 years starting in 2018.That apart, Clark said, GMR Group of India and IC-Impacts of her province will now work together on safe and sustainable infrastructure like innovative pavement technology, construction design and water and waste water infrastructure. Wooing domestic investors, she said: “We, in British Columbia, would like to partner with this great country to realise its potential by providing LNG to power its future. We recognise that there will be a mix of energy sources - coal, oil, solar, wind.

“India needs a million skilled workers a year, every year, for the next 15 years. We can help. If we can help train 3,000 and 300 of them help us build an LNG industry --it's good for you and good for us.” Reliance Industries has also signed on with IC-Impacts to share research, training and develop new technologies in such areas as specialised building materials for infrastructure like bridges, roads and buildings.