PetroChina secures stake in Australian gas producer

摘要

PetroChina has become a major shareholder in Australian oil and gas producer Cue Energy Resources through its $2.2 billion acquisition of Singapore Petroleum last month.Singapore Petroleum owned 16.31% of Cue Energy but Australia’s Foreign Investment Review Board (FIRB) has made it clear it prefers foreign companies to hold less than 15% equity in Australian companies. Singapore Petroleum exceeded that level following a recent rights issue.