China buys up BHP stakes in Australia


Click to follow
The Independent Online

China yesterday stepped up its worldwide hunt for gas to keep its 1.3 billion population warm.

PetroChina, the Hong Kong-listed arm of state-owned China National Petroleum Corporation, paid London-listed mining giant BHP Billiton $1.63bn (£1.01bn) for stakes in two Australian projects, making this PetroChina's biggest investment Down Under for two years.

Billiton wanted to quit its minority shareholdings of 8 per cent and 20 per cent because development costs were rising.