PetroChina buys stakes in Australian LNG projects

PetroChina buys interests in two gas projects off the West Australian coast.

BHP Billiton announced yesterday plans to sell to PetroChina its stakes in two gas projects off Australia's west coast for $1.6 billion.

It is selling an 8.33% interest in the East Browse joint venture and a 20% interest in the West Browse joint venture to PetroChina International Investment Australia.  

Michael Yeager, BHP Billiton's head of petroleum, said in a statement “This is an excellent opportunity for both companies. PetroChina has acquired an interest in a world class gas resource and BHP Billiton has exited a non-strategic asset.”

This is an LNG project in the Browse Basin that hasn't yet...

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