Petronas Sold 5% Stake in GLNG Australia to Total

PETRONAS has agreed to sell a five per cent stake in the Gladstone Liquefied Natural Gas (GLNG) project in Australia to Total, the world's fourth largest listed natural gas producer. Total will be acquiring a total of 20% stake in the project after Santos, Australia's third-largest oil and gas producer, which is also the current partner in the project willing to sell 15 per cent of its stake in the GLNG project to Total for A$650 million.

Upon completion of the transactions, Santos will retain a 45 per cent ownership, Petronas 35 per cent and Total 20 per cent. The main agenda behind the new partnership is to harness the experience of each into the project with Santos for its expertise in gas production in Australia, and with Petronas for its experience in marketing LNG in Asia.