Shell, PetroChina bid A$3 billion for Arrow

摘要

Sydney-Shell and PetroChina have teamed up to make a joint takeover offer for Australian coal seam gas producer Arrow Energy, valuing the target at more than A$3.26 billion ($2.96 billion).The takeover, if successful, looks set to spell the deathknell for Arrow Energy's proposed 1.5 million mt/year LNG project at Fisherman's Landing in the Australian east coast city of Gladstone, in turn providing a boost for Shell's plans to build a larger LNG plant on nearby Curtis Island. Arrow's A$2.2 billion project, currently slated for startup in 2012, is among a suite of eight coal seam gas-based LNG projects being planned in the state of Queensland.