IOC to acquire stakes in Canada oil sand blocks

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New Delhi, Feb 26, 2008 : India"s state owned oil giant, Indian Oil Corporation or IOC is planning to acquire stakes in oil sand blocks in Canada and is talking to Shell Canada Ltd and British Petroleum for the same.

This acquisition, which will be the first such stake in an oil sands project on the part of an Indian company, will help secure oil supplies for India"s refineries and strengthen its energy security.

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