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Abu Dhabi gets LNG via stake in Oil Search
- United Arab Emirates: Wednesday, August 26 - 2009 at 09:53
Abu Dhabi's International Petroleum Investment Company (IPIC) has taken a 17.6% stake in Australian company Oil Search, paying $1.07bn, Reuters has reported. It will be paid for via a five-year exchangeable bond issue and gives IPIC 'material exposure to a significant near-term LNG project in Asia-Pacific, the PNG LNG Project operated by ExxonMobil', the company said in a statement. Oil Search has a 34% interest in the project. IPIC has signed the agreement along with the Papua New Guinea government, through its nominee, Independent Public Business (IPBC).
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StaffWednesday, August 26 - 2009 at 09:53 UAE local time (GMT+4)
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