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IPIC to buy stake in Oil Search
- United Arab Emirates: Wednesday, November 26 - 2008 at 07:59
Abu Dhabi-based International Petroleum Investment Company has announced plans to acquire a 17.6% stake in Oil Search Limited, a company listed on the Australian Securities Exchange. IPIC and the Papua New Guinea government - through its nominee, Independent Public Business Corporation - signed an agreement under which, subject to certain conditions, the acquisition will be completed, a statement said. 'The acquisition is structured by way of a five-year exchangeable bond for A$1.68bn (Dhs3.92bn),' IPIC said. The statement added that the proposed strategic investment provides IPIC with 'material exposure to a significant near-term [liquefied natural gas (LNG)] project in the Asia Pacific, the PNG LNG project operated by ExxonMobil.'
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Jeff Florian, Senior ReporterWednesday, November 26 - 2008 at 07:59 UAE local time (GMT+4)
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