BHP Billiton to Divest its Non-Strategic Stake in the Browse LNG Project in Australia Due to Cost Overrun for US$1.63 Billion in Favor of PetroChina – Deal Analysis from GlobalData
PetroChina International Investment (Australia) Pty Ltd., a wholly owned subsidiary of PetroChina Company Limited (PetroChina), agreed to acquire an 8.33% interest in East Browse project and a 20% interest in the West Browse project located in Browse basin, offshore Western Australia, from BHP Billiton Limited (BHP), a mineral exploration company, for a purchase consideration of US$1.63 billion in cash. The transaction is expected to be completed in the first half of 2013 and is subject to regulatory approval and other customary conditions.
Rationale behind PetroChina acquiring an 8.33% interest in East Browse Project and a 20% interest in West Browse Project in Australia from BHP Billiton.
To understand the rational behind BHP's plans to divest its non-strategic stake in Browse LNG Project due to a cost overrun.
Geography Covered- Australia.
Reasons to buy
Develop a sound understanding about Browse LNG Project as part of a major LNG producing province of Australia.
To know more about location of Browse Project causing environmental concern and lack of consensus from major partners.
To have an understanding of the deal to help PetroChina realize its overseas investment target and expand its presence in Australia.