Energy giant PetroChina Company has pulled out of an A$45 billion (Dh146.8bn) deal to buy natural gas from a project off Australia, leaving Woodside Petroleum looking for new customers.
Woodside informed Australia's stock exchange that an early stage agreement for the Browse Basin liquefied natural gas project off Western Australia state had not been settled by a December 31 deadline and had now lapsed.
Under the September 2007 agreement, PetroChina would potentially buy up to three million metric tonnes of LNG per year from the project for up to 20 years. Yang Wei, an analyst at Guotai Junan Securities in Shanghai, said the deal probably collapsed because it was too expensive.
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