A major foreign investor is eyeing off Australia’s gas just seven months after it scrapped a $36 billion bid for Santos.
A major foreign investor is eyeing off Australia’s gas just seven months after it scrapped aThe AustralianXRG includes the investment arm of the United Arab Emirates ’ oil and gas major ADNOC and US private equity firm Carlyle .
The consortium is looking to boost its footprint across Australia via a series of smaller investments compared to its previous takeover bid for Santos. An XRG spokesman said the recent oil crisis fuelled by Iran closing the Strait of Hormuz pushed it to expand globally.
“Geopolitical events have turbocharged XRG’s ambition to invest globally across the energy supply chain,” an XRG spokesman said. “The company has recently closed deals in Europe through Covestro and Borouge International. This moment has not made us more hesitant, if anything, it has reinforced our approach. ”It operates the LNG project alongside Woodside, BP, BHP, Chevron and Japan Australia LNG, controlled by Mitsubishi and Mitsui’s venture MIMI.
Addressing reports that XRG is eyeing Shell's stake in the North West Shelf, a spokeswoman said the company “regularly assesses its portfolio to inform disciplined capital allocation”.
“We continue to work closely with the North West Shelf partners to deliver value, maximise future performance and meet the needs of our customers,” the Shell spokeswoman said. XRG abandoned its massive bid for Santos in September, citing concerns about commercial value, domestic gas supply and risk allocation for the failure.
The Australian company also expressed concerns about delays over agreeing to the Scheme Implementation Agreement – which outlined the key terms and conditions of the deal. after XRG lodged two lower-priced offers in March.
North West Shelf Australian Gas LNG Gas Liquefied Natural Gas Carlyle United Arab Emirates ADNOC XRG Consortium Abu Dhabi
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