Chinese state-owned PetroChina has become a major shareholder in Australian oil and gas producer Cue Energy through its $2.2 billion acquisition of Singapore Petroleum.
Singapore Petroleum had a 16.31% shareholding in Cue, which has been transferred to PetroChina following the finalisation of the purchase of Singapore Petroleum.
Cue chief executive officer Robert Coppin told the Australian that the Melbourne-based company had not been made aware of what PetroChina intended to do with its stake.
PetroChina bought Singapore Petroleum after completing the purchase of Keppel Corporation’s 45.51% stake in the refiner.
Through the acquisition of Singapore Petroleum, PetroChina has also acquired a 35% stake in the Tap Oil-operated T/47P in Australia’s Bass basin.