PetroChina has agreed to pay US$1.63 billion for a minority stake in a controversial Australian liquefied natural gas (LNG) project, as it steps up efforts to source more of its energy overseas.
Mining and energy giant BHP Billiton said it would sell PetroChina its share of the Browse project, estimated to cost US$30 billion to build, after deeming it a "non-strategic" asset.
China's state-owned energy giants have been bidding aggressively for foreign oil and gas fields as Beijing looks to secure future energy supplies to meet rising demand as its economy expands.
via Business feed http://www.scmp.com/business/commodities/article/1103984/petrochina-pays-us163b-stake-australian-gas-field-deal
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