PetroChina buys LNG assets worth $1.63bn from Australia’s BHP

13 December 2012 04:19  [Source: ICIS news]

SINGAPORE (ICIS)--Australia’s BHP Billiton announced on late Wednesday that it has agreed to sell its stake in the Browse liquefied natural gas (LNG) project offshore of the country’s west coast to PetroChina for $1.63bn.

Under the deal, the Chinese state-owned oil company will acquire an 8.33% share and a 20% stake in the east and west Browse joint ventures respectively, BHP Billiton said in a statement.

The purchase is subject to regulatory approval and other conditions. The deal is expected to be completed in the first half of 2013.

This would be PetroChina’s first acquisition of natural gas assets in the North West Shelf of western Australia.

By: Fanny Zhang
+65 6780 4359

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