Arrow LNG (a joint venture between Petrochina and Shell) has acquired Bow Energy after boosting it’s bid to AU$ 535 million (US$ 524.2 million). Arrow had to raise its’ bid by 2% on it’s initial offering to secure the deal.
Arrow LNG is planning to use the assets of Bow Energy to boost the capacity of Trains 1 & 2 of its’ proposed LNG liquefaction plant to 4.6 million tpa.
"This transaction, should it go through has the real potential to allow us to strengthen our reserves base and expand our train sizes of our first two trains," Arrow Energy chief executive officer Andrew Faulkner told Reuters
The first phase of the project was initially expected to have a capacity of 8 million tpa with plans to expand capacity up to 16 million tpa. The acquisition of Bow Energy’s reserves will allow initial capacity to expand to 9.2 million tpa and go beyond the proposed 16 million tpa if Arrow can track down the necessary resources.
Read the article online at: https://www.worldcoal.com/cbm/26092011/arrow_lng_acquires_bow_energy/