CNPC arm to take LNG stake

Gladstone: The placement will help raise capital for LNG to conduct work on its Fisherman's Landing project in the Queensland city.

SIMON MCKENZIE

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Andrew Hobbs

, Andrew Hobbs

 04 May 2011 03:03 GMT

A China National Petroleum Corporation subsidiary will take a 19.9% stake in Australian company Liquefied Natural Gas in a deal worth about A$25.6 million ($27.7 million).

The deal will see China Huanqiu Contracting & Engineering Corporation (HQCEC) subscribe for 53.2 million shares in LNG, giving it capital for development of its wholly owned Fisherman’s Landing LNG project in at the Port of Gladstone in the Australian state of Queensland.

HQCEC will pay the lesser of A48 cents per share or 80% of LNG’s volume weighted average market price of its shares on the Australian Securities Exchange, calculated over five days in which sales are recorded before the Placement date, to take place at some point in the second…

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