Companies

CNPC's Huanqiu unit to buy 20% of Aussie LNG Ltd

(Xinhua)
Updated: 2011-01-28 09:52

BEIJING -- Huanqiu, a unit of China National Petroleum Corp (CNPC), has agreed to purchase a 19.9 percent stake in Australia's Liquefied Natural Gas Ltd, CNPC said Thursday.

China Huanqiu Contracting & Engineering Corp, a wholly-owned subsidiary of CNPC and an intelligence-intensive company providing services in engineering, procurement and construction management, will become the largest shareholder of Liquefied Natural Gas after the deal is completed, the CNPC said in an online statement.

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The CNPC said the agreement will give Huanqiu preferential rights to use the Australian company's patented liquefied natural gas technology, an energy-efficient, low carbon and low capital-intensive technology, which is expected to help Huanqiu become more competitive in the international LNG market.

The move is part of the CNPC's efforts to promote green development and will also give CNPC a competitive edge in the Australian natural gas market, said the statement.

The Perth-based Liquefied Natural Gas, specializing in mid-scale LNG projects, is a publicly listed company in Australia and a parent company to a number of subsidiaries.