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BHP Billiton to sell stake in gas JV

Companies

Diversified miner BHP Billiton (BIL) on Wednesday announced it had signed a definitive agreement with PetroChina International Investment to sell its stakes in its Browse Joint venture for a cash consideration of US$1.63 billion.

The agreement will see BHP sell 8.83% of its stake in the East Browse Joint Venture and 20% interest in the West Browse Joint Venture‚ located offshore Western Australia by the first half of next year.

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“This is an excellent opportunity for both companies. PetroChina has acquired an interest in a world class gas resource and BHP Billiton has exited a non-strategic asset‚” said Michael Yeager‚ BHP Billiton’s Chief Executive of Petroleum. - I-Net Bridge

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