KUALA LUMPUR/HONG KONG July 25 (Reuters) - Petronas plans to sell down its stake in a $20 billion Canadian liquefied natural gas (LNG) export project to as low as 50 percent, in order to share the cost of bringing cheap energy to Asia, three people familiar with the matter said.
The Malaysian state oil firm is in discussions with China Petroleum & Chemical Corp (Sinopec) to take up at least a 10 percent stake, the sources told Reuters.
Petronas is in advanced discussions with Indian Oil Corp Ltd to sell a 10 percent stake valued at about $1 billion,
Reuters reported earlier this month.
Earlier in March, it signed the first deal with Japan Petroleum Exploration Co Ltd (Japex) for a 10 percent stake. While Japex did not reveal the price of the acquisition, sources familiar with the deal put it at close to $1 billion.
Assuming Petronas concludes every additional 10 percent stake sale at about $1 billion, it would raise close to $5 billion by cutting down its stake to 50 percent.
The move by Petronas comes as some other Asian state oil companies turn cautious about their outbound investments.
South Korea is reviewing the overseas investments it has made in the oil and gas sector over the past five years due to poor profitability, a process which could lead to asset sales.
South Korea's three state firms invested a total of $23.21 billion from 2008 to 2012, said the assembly statement, causing debt-to-equity ratios to jump in 2012 against 2007.
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