皇冠体育app

Energy

Petro皇冠体育app, Shell finalize takeover of Arrow Energy

(Xinhua)
Updated: 2010-08-24 10:04

BEIJING - Petro皇冠体育app Co, the largest oil producer in Asia, and Royal Dutch Shell have completed a joint take-over of Australian coal seam developer Arrow Energy, Petro皇冠体育app announced Monday.

In an acquisition deal signed on March 19, Petro皇冠体育app International Investment Company Ltd, a subsidiary of Petro皇冠体育app, and Shell Energy Holdings Australia Ltd, agreed to establish a 50-50 joint venture to pay A$3.5 billion ($3.1 billion), or A$4.70 per share, to buy all Arrow stock.

Five months on, the deal had won approval of Arrow's shareholders, and the Australian and Chinese governments, said a statement from Petro皇冠体育app.

Under the deal, the joint-venture owns Arrow and Shell's coal seam assets in Queensland, and Arrow's power generating sector in Australia. Assets of a natural gas project on Curtis Island are also included.

Related readings:  Arrow OKs $3.1b Shell-Petro皇冠体育app takeover  Shell, Petro皇冠体育app nodded for Arrow bid  Petro皇冠体育app, Shell $3b Arrow bid 'fair'

The deal was Petro皇冠体育app's first move into Australia's coal seam market, and was expected to lay a solid foundation for Sino-Australian cooperation in coal seam development, the statement said.

Petro皇冠体育app said it was confident of Arrow's future development, since Arrow was an industry leader in terms of coal seam energy development technology and marketing capability.

The acquisition would help Petro皇冠体育app to become an internationally competitive energy company, said the statement.

It said Petro皇冠体育app hoped to deepen cooperation with Australia in energy development.