CNOOC bi everbuying scam ds for InterOil's LNG project

CNOOC bi everbuying scam ds for InterOil's LNG project
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CNOOC bids for InterOil's LNG projectPublished: 16 Jul 2009 22:10:31 PST

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Jul. 17, 2009 (China Knowledge) - CNOOC Ltd<0883><CEO>, an arm of China's largest offshore oil company, China National Offshore Oil Corp, is bidding about US$500 million for a stake of between 20% and 35% in Canada-based InterOil's liquefied natural gas project in Papua New Guinea, sources reported.

The LNG project will cost an estimated US$4.5 billion and will have a designed annual output of 3.5 million tons, InterOil said in March. InterOil currently holds an 87% stake in the project, and Pacific LNG Operations Ltd holds the remaining 13%.

The two partners also want to sell stakes in upstream gas assets, said Phil Mulacek, chief executive of InterOil.

Osaka Gas, France's Total, Japan's Mitsui & Co, Mitsubishi Corp are among the bidders. PetroChina Co Ltd<601857><0857><PTR> may also bid for the stake, according to media reports.


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