ArabianBusiness.com - Middle East Business News
Tuesday, 24 November 2009 09:14 UAE time

YOUR DIRECTORY /

| Share |

IPIC buys $1.1bn stake in Oil Search

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 25 November 2008
STAKE PURCHASED: IPIC has bought 17.6 percent of Oil Search. (Getty Images)

Abu Dhabi's International Petroleum Investment Co. (IPIC) has purchased a 17.6 percent stake, worth A$1.68 billion ($1.07 billion) in Oil Search, the company said on Tuesday.

IPIC and the Papua New Guinea government, through its nominee, Independent Public Business Corp. (IPBC) have signed the agreement with Oil Search, an IPIC statement said.

The acquisition is structured by way of a five-year exchangeable bond issue, the statement said.

Story continues below
advertisement

"This strategic investment provides IPIC with material exposure to a significant near-term LNG project in Asia-Pacific, the PNG LNG Project operated by ExxonMobil," the statement said.

Oil Search operates all of the oil and gas producing fields in Papua New Guinea and has a 34 percent interest in the PNG LNG Project.

The PNG LNG Project is currently undertaking the front-end engineering design, securing LNG sales and project financing.

The preliminary schedule indicates a final investment decision in late 2009 with a target to supply the first LNG cargo sometime between 2013 to 2014.

IPIC holds equity stakes in South Korea's Hyundai Oilbank, Gulf Energy Maritime in Dubai, CEPSA in Spain, Borealis and OMV in Austria, Oman Polypropylene in the sultanate of Oman, PARCO Refinery in Pakistan, SUMED Co. in Egypt, Energia De Portugal in Portugal and COSMO Oil in Japan. (Reuters)

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

SHARE PRICE CHECK

 EMAIL ALERTS

  1. International Petroleum Investment Company (IPIC)

  2. Oil Search

  3. Energy


Tell us your story

READER COMMENTS

  1. Dubai developers see negative press reports decline 09
    24 Nov ' 09 at 07:48
    How much can one read/write abt one particular event. That’s the only reason the negative writing has gone down no one is interested...   More  »
  2. Why I h8 junk txts 08
    24 Nov ' 09 at 08:16
    This is a simple solution to avoid being woken up at night. Most mobile phones offer this option. Sorry, I don't have any solution to...   More  »
  3. 'Worrying' diabetes tests raise doubt on UAE's health 04
    24 Nov ' 09 at 08:52
    It is high time for us to buy the shares in the Pharmaceutical Cos. which are manufacturing drugs for diabetic.It is not the education...   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM