CNPC unit to buy 19.9 pct of Australia's LNG Ltd
China Huanqiu Contracting & Engineering Corp, an engineering unit of CNPC, agreed on Thursday to buy a 19.9 percent stake in Australia's Liquefied Natural Gas Ltd , a specialist in mid-scale LNG projects, Reuters reports.
Huanqiu will be the largest shareholder of Liquefied Natural Gas and have preferential rights in using the latter's patented liquefied natural gas technology OSMR, according to a statement published on CNPC's website www.cnpc.com.cn. It did not disclose the value of the deal.
Huanqiu, emerging just in recent years as one of China's leading builders of receiving terminals of the super-chilled natural gas, is also actively expanding into the upstream segment of the business -- gas liquefaction.
It is building the country's largest onshore liquefaction facility in northern Shaanxi province, with annual capacity of 500,000 tonnes.
"This Australian firm is good in building between one- to six-million-tonne-per-year scale plants, a technology that we are lacking," said a CNPC engineering executive.
Liquefied Natural Gas Ltd, based in Perth, is developing a 3 million tonne-per-year coal seam gas to LNG project in the Port of Gladstone, Queensland, which aims for commercial operation in 2012, according to information from the company's website (www.lnglimited.com.au).
The company said it had a market capitalisation of about A$125 million at the end of 2010.
Huanqiu will be the largest shareholder of Liquefied Natural Gas and have preferential rights in using the latter's patented liquefied natural gas technology OSMR, according to a statement published on CNPC's website www.cnpc.com.cn. It did not disclose the value of the deal.
Huanqiu, emerging just in recent years as one of China's leading builders of receiving terminals of the super-chilled natural gas, is also actively expanding into the upstream segment of the business -- gas liquefaction.
It is building the country's largest onshore liquefaction facility in northern Shaanxi province, with annual capacity of 500,000 tonnes.
"This Australian firm is good in building between one- to six-million-tonne-per-year scale plants, a technology that we are lacking," said a CNPC engineering executive.
Liquefied Natural Gas Ltd, based in Perth, is developing a 3 million tonne-per-year coal seam gas to LNG project in the Port of Gladstone, Queensland, which aims for commercial operation in 2012, according to information from the company's website (www.lnglimited.com.au).
The company said it had a market capitalisation of about A$125 million at the end of 2010.