Shell, PetroChina on target for Australia's Arrow
March 22, 2010
Shell and PetroChina looked set to gain an important presence in Australia's nascent coal seam gas industry
Shell and PetroChina looked set to gain an important presence in Australia's nascent coal seam gas industry on Monday as Arrow Energy recommended an increased 3.15 billion US dollar takeover offer.
The energy giants offered 4.70 Australian dollars (4.30 US) a share for Arrow's Australian assets including the country's biggest holding of gas trapped in underground coal seams, which is set to become a major export.
Arrow Energy unanimously recommended the 3.44 billion Australian dollar offer, up from 3.26 billion earlier this month. Shareholders will also gain one share in a new firm formed from Arrow's assets in China, Vietnam and Indonesia.
"This transaction crystalises the value of more mature assets that have been built in Arrow's Queensland business through the rigorous execution of our business strategy," said Arrow chairman John Reynolds.
"In addition, we are creating an exciting opportunity for Arrow Energy shareholders to continue to participate in a portfolio of earlier-stage development assets in Australia and the broader Asian region."
Energy companies are currently working on plans to cool coal gas into liquid and ship it abroad, mainly to Asia, from Queensland's Gladstone port, adding a new dimension to Australia's burgeoning liquefied natural gas (LNG) industry.
Companies have already struck multi-billion dollar deals with China, Japan, South Korea and India to sell LNG produced from natural gas fields in the country's west, earning Australia and nickname "the Middle East of gas".
AFP
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agoz - methinks the lady doth protest too much. Suggest you watch 'The Kite Runner' - your type of film buddy. -
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Church cleric abuse children for decades? It doesn't mean that Catholicism is bad right? Seriously. Or may be the side effect of c -
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waky - sorry, but what is your argument - that anything can be sacrificed to sustain human existance. If this is what you are saying I totally disa -
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I believe it's a bad deed of some persons which doesn't represent the whole society. The same case in Indonesia. Torturing animal is a sin . -
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Indeed Dez, not a great answer. One of your few. It's just that there is no good answer to NRN's statements. I feel the same as him -
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SBD: Ok thx for clearing that up. Not that nick matters at all, only useful to differentiate each individuals' views. All views appreciated.
