AGL Agrees to Sell Natural Gas Assets to Consortium Involving Shandong Order Gas
Xu Wei
/SOURCE : Yicai
AGL Agrees to Sell Natural Gas Assets to Consortium Involving Shandong Order Gas

(Yicai Global) Aug. 28 -- Australia-based AGL Energy Ltd. has agreed to sell its natural gas assets in northern Queensland to a buyer consortium comprising China's private enterprise Shandong Order Gas Co. and Orient Energy Co. [SHE:002221], it said Aug. 25, as Sina.com reported.

The assets contain 50 percent of the equity in AGL's Moranbah Gas project and North Queensland Energy joint venture, as well as participation rights for exploration permits in the Bowen Basin, AGL stated in the declaration.

AGL's partner Arrow Energy Pty Ltd. will not exercise its preemption rights in the project. Arrow is a joint venture incorporated by Royal Dutch/Shell PLC ADR [LON:RDSA] and PetroChina Company Ltd. [SHA:601857]. The transaction still awaits approval from Chinese and Australian regulators, AGL said.

It did not disclose transaction amount.

Shandong Order Gas specializes in natural gas transport in China, while Orient Energy is an Australian private energy investment company engaging in natural gas exploration and production in the Bowen Basin.

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Keywords: MSCI , Orient Energy , Australia , M&A