PetroChina's Aussie bid scrapped
Source: Bloomberg News |
May 15, 2013, Wednesday
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Print Edition
Print Edition
PETROCHINA Co dropped a bid to acquire WestSide Corp as a strong Australian dollar and rising costs discourage resources projects in the country, the Brisbane-based explorer said.
PetroChina withdrew its offer for the coal-seam gas explorer "because the general situation in Australia has changed so much," WestSide said yesterday.
Australia's energy and mining projects have been hit by a high local currency and increasing costs. Woodside Petroleum Ltd, Australia's second-biggest oil producer, scrapped a plan last month to build the Browse LNG project on the Western Australia coast.
PetroChina withdrew its offer for the coal-seam gas explorer "because the general situation in Australia has changed so much," WestSide said yesterday.
Australia's energy and mining projects have been hit by a high local currency and increasing costs. Woodside Petroleum Ltd, Australia's second-biggest oil producer, scrapped a plan last month to build the Browse LNG project on the Western Australia coast.
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