BHP Billiton sells stake in Australian gas project to PetroChina
12-Dec-2012 LaInformación.com – News
British-Australian BHP Billiton has announced today their agreement to sell their stake in Browse gas project North West Australia to PetroChina.
BHP will sell 8.3 per cent of their stake in East Browse and 20% of West Browse totalling US$ 1,630 (1,253 million Euros) to PetroChina, as the British-Australian giant company reported in a press release.
The agreement with PetroChina, one of the most important gas and oil producer in the Asian country, is still to be approved by the authorities but it is expected to be completed by the first half of next year.
BHP Petroleum Chief, Michael Yeager, stated that PetroChina has acquired shares of a world-class gas project and the British-Australian has pulled out of a non-strategic stake.
Speculations were spread some months ago about the giant British-Australian company withdrawing from the project after their complaints about the high costs, the ABC recalled.
The project lead by the Australian Woodside includes exploitation of three deposits located at about 425 kilometers at the North of Broome and the construction of a solid-land refinery aimed at commercializing gas in Asian markets, mainly Japan.
Some environmental organizations have protested against this gas project which value is estimated at US$36,820 (28,351 million Euros). Last August Chevron sold its stake to Shell and about three months before Woodside announced the sale of 14.7 % of their stake to Japan Australia LNG (MIMI), a Japanese consortium made up by Mitsubishi and Mitsui.
