State-controlled Indian Oil Corp. is close to acquiring a 10% stake in Malaysia’s Petroliam Nasional Bhd’s shale-gas assets and a liquefied-natural-gas project in the Canadian province of British Columbia for 1 billion Canadian dollars ($900 million), two senior Indian government officials said on Tuesday. The proposed deal with Petronas needs Indian cabinet approval, and the matter is scheduled to be discussed by ministers on Wednesday, the officials, who declined to be identified, told The Wall Street Journal. If the deal goes through, it would mark the entry of India’s largest fuel retailer into Canada’s energy sector. It would also give a boost to the company’s ambitions to expand in oil and gas exploration globally. It currently has investments in oil and gas blocks in Africa and the Middle East. Indian Oil is largely dependent upon imported crude oil and natural gas. India meets three-fourths of its energy needs […]