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China approves Arrow joint bid
By Pan Xiaoyi |
July 14, 2010, Wednesday
|
Online Edition
Online Edition
PETROCHINA Co and Royal Dutch Shell Plc have gained approval from the National Development and Reform Commission of China for their A$3.4 billion (US$3.1 billion) joint bid for Australia's Arrow Energy Ltd.
It marked the clearance of the deal's last major regulatory hurdle as the bidder waived the requirement to have the approval from the State Administration of Foreign Exchange of China.
Arrow shareholders also voted in favor of the takeover offer at a meeting today, coal-seam gas firm Arrow said. The deal is subject to approval by the Federal Court of Australia and is expected to be completed by the end of July.
The offer was first announced in early March. Under the agreement, a 50-50 joint venture owned by PetroChina and Shell will acquire Sydney-listed Arrow, excluding its international assets. Arrow claims to have the largest reserves of coal seam gas (CSG) in Queensland.
On successful completion of the acquisition, the joint venture will own Arrow's CSG assets in Queensland and domestic power business as well as Shell's Queensland CSG assets and its site for a proposed liquefied natural gas plant on Curtis Island at Gladstone.
PetroChina, China's top oil and gas producer, said earlier it will deepen its footprint in CSG, a trapped store of natural gas well below the earth's surface, and a new and under-utilized energy source, to reduce reliance on coal and crude oil.
"The company aims to boost the coal seam gas production to 4 billion square meters per year," Chairman Jiang Jiemin said. In China's Xinjiang Uygur Autonomous Region, PetroChina has teamed up with Arrow to explore coal seam gas.
PetroChina's coal seam mines in Shaanxi Province and the Xinjiang Uygur Autonomous Region have combined proven reserves of 153 billion square meters in 2009.
It marked the clearance of the deal's last major regulatory hurdle as the bidder waived the requirement to have the approval from the State Administration of Foreign Exchange of China.
Arrow shareholders also voted in favor of the takeover offer at a meeting today, coal-seam gas firm Arrow said. The deal is subject to approval by the Federal Court of Australia and is expected to be completed by the end of July.
The offer was first announced in early March. Under the agreement, a 50-50 joint venture owned by PetroChina and Shell will acquire Sydney-listed Arrow, excluding its international assets. Arrow claims to have the largest reserves of coal seam gas (CSG) in Queensland.
On successful completion of the acquisition, the joint venture will own Arrow's CSG assets in Queensland and domestic power business as well as Shell's Queensland CSG assets and its site for a proposed liquefied natural gas plant on Curtis Island at Gladstone.
PetroChina, China's top oil and gas producer, said earlier it will deepen its footprint in CSG, a trapped store of natural gas well below the earth's surface, and a new and under-utilized energy source, to reduce reliance on coal and crude oil.
"The company aims to boost the coal seam gas production to 4 billion square meters per year," Chairman Jiang Jiemin said. In China's Xinjiang Uygur Autonomous Region, PetroChina has teamed up with Arrow to explore coal seam gas.
PetroChina's coal seam mines in Shaanxi Province and the Xinjiang Uygur Autonomous Region have combined proven reserves of 153 billion square meters in 2009.
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