BEIJING, Jun 01, 2010 (Xinhua via COMTEX) –The China National Offshore Oil Corporation (CNOOC), China’s largest offshore oil and gas producer, has received approval from the Australian Foreign Investment Review Board (FIRB) for its investment in proposed Arckaringa coal-to-liquids plant in South Australia state, Dow Jones Newswire reported on Tuesday.
FIRB is the government regulator on foreign acquisition in the Oceanic country.
According to the report, CNOOC, the parent company of CNOOC Ltd (CEO.NYSE; 0883.HK) is to pay for a bankable feasibility study (FS) into building a plant producing 10 million barrels of distillate per year and will act as operator after acquiring 51 percent stake in the project.
The report quoted London-listed Altona Energy as saying that under the terms of the deal, the FS could be completed in 12 to 15 months.
After getting the nod from the Australian government, the project is still subject to the Chinese government for approval. (Edited by Qiu Jun, Qiujun@xinhua.org)
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