HQCEC Acquires Stake in Australia's LNG

Source: www.gulfoilandgas.com 1/27/2011, Location: Not categorized

A strategic framework agreement was signed between China Huanqiu Contracting & Engineering Corporation (HQCEC) and Australia's LNG Limited in Beijing. By acquiring 19.9 percent of the total common shares of Australia's LNG, HQCEC becomes the latter's largest shareholder.

HQCEC, affiliated with CNPC, is a high-tech state-owned international PMC and EPC company, which engages in consultation, research and development, design, procurement, construction management, equipment manufacturing and commissioning business.

LNG, a listed company in Australia, specializes in technology development and application of natural gas liquefaction and possesses natural gas liquefaction OSMR technology. The purchase of stake will give HQCEC preferential rights in using LNG's patented OSMR technology.

CNPC President Jiang Jiemin, Australia ambassador to China Geoff Raby and Chairman of Australia's LNG Richard Beresford were present at the signing ceremony.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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