Malaysia's State Oil Company, Petronas is buying a 40 percent stake in Australian energy firm Santos Ltd's Gladstone for $2.51 billion. Santos Gladstone is in the liquefied natural gas project in Australia.
Petronas' investment in the project will help to fasten the usage of coal seam gas as a feedstock as Petronas is seen as the ideal partner to help develop Santos' coal seam gas to LNG strategy.
Santos was quoting that Petronas will inject capital investment of $2.01 billion followed by remaining for the second LNG train at the Gladstone, Queensland. The key strategic alliance is due to marketing power of Petronas, the third-largest LNG producer in the world. Santos shares jumped 10.12 percent to a record high of A$20.90 by 0325 GMT, a proud achievement for both Santos and Petronas.
Other oil and gas companies such as Exxon Mobil are also taking lead in LNG project in Papua New Guinea with Santos for a race amid rising prices and a forecast surge in global demand.
Petronas' investment in the project will help to fasten the usage of coal seam gas as a feedstock as Petronas is seen as the ideal partner to help develop Santos' coal seam gas to LNG strategy.
Santos was quoting that Petronas will inject capital investment of $2.01 billion followed by remaining for the second LNG train at the Gladstone, Queensland. The key strategic alliance is due to marketing power of Petronas, the third-largest LNG producer in the world. Santos shares jumped 10.12 percent to a record high of A$20.90 by 0325 GMT, a proud achievement for both Santos and Petronas.
Other oil and gas companies such as Exxon Mobil are also taking lead in LNG project in Papua New Guinea with Santos for a race amid rising prices and a forecast surge in global demand.
This a good news for the both company. Was it a good news for the M'sian too??
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