Australia’s AGL Energy Ltd said on Friday it has agreed to sell its north Queensland gas assets to a consortium of buyers including privately held Shandong Order Gas Co and Orient Energy Ltd.
The purchase covers AGL’s 50 percent stakes in two projects, the Moranbah Gas Project and the North Queensland Energy Joint Venture, as well as participation rights for an exploration licence in the Bowen Basin, AGL said in a statement.
The sale is subject to AGL’s partner Arrow Energy Ltd not taking up its pre-emptive rights in the projects. Arrow is a joint venture company between Royal Dutch Shell and PetroChina Co. The deal is also subject to securing approval from the Chinese and Australia regulators, AGL said. Read More…
Credit By : The Times of India
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