PetroChina to acquire BHP’s stake in Browse LNG project

Beijing: BHP Billiton announced it had agreed to sell its stake in the proposed Browse gas-export project in Western Australia to PetroChina for US$1.63bn.

PetroChina will buy BHP's 8.3% stake in the East Browse and 20% holding in the West Browse joint venture. The deal is subject to regulatory approval and other members of the joint venture have a right to match PetroChina's offer.

Chinese companies have been actively involved in various oil and gas assents acquisition deals in order to meet its growing energy demand.

CNOOC has just got approval from Canadian authorities to takeover oil firm Nexen this month. Last month, Sinopec also concluded a deal to buy French oil firm Total's 20% stake in a Nigerian offshore oilfield for $2.5bn. [12/12/12]

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