Gas deals are getting extra scrutiny, even those that have nothing to do with keeping the lights on for Australians.
Already a subscriber?The Saudis may run a good golf tournament in Adelaide, but do we really think they can buy South Australia’s corporate citizen in the middle of a gas crisis and heading into an election year?
As much as Treasurer Jim Chalmers talks up foreign investment, as he did at the Citi A50 Economic Forum last week, there is not much appetite for wholesale foreign ownership changes in Australia’s natural resources sector. FIRB is looking at everything very closely.
When names like Aramco and Adnoc get thrown into the mix, the rattling only gets louder. The truth is rumours have been swirling about major offshore interest in Santos’ LNG projects – its stake in PNG LNG, GLNG – for years, and only stepped up when Woodside was in talks about the proposed whole of company merger.Those LNG assets, set up to feed Asian customers for years to come, are the battleground.
Santos’ board knows all this. It has been letting the dust settle on the Woodside talks and had management focused on the LNG portfolio , its west coast domestic gas and liquids business, its Alaska asset and new energy projects.
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