Orlen (PKN.WA) plans to initiate a squeeze-out of shares held by minority shareholders in Polish energy distributor Energa.
The energy group will offer 27.60 Polish zlotys for each Energa share and will announce the squeeze-out on Sept. 30, according to a Wednesday release.
Orlen said the move follows the consent of its management and supervisory boards.
Emirati energy investment company XRG is in talks with Chinese oil and gas producer PetroChina and other partners in the LNG Canada joint venture for a potential stake purchase, Bloomberg News reported Tuesday, citing people familiar with the matter.The liquefied natural gas export project is led by oil and gas major Shell (SHEL.L, SHELL.AS) with a 40% shareholding. Additionally, PetroChina and Mitsubishi Corp. each own a 15% interest, while Malaysia's Petroliam Nasional, or Petronas, and Korea Gas Corp., or Kogas, hold stakes of 25% and 5%, respectively.The discussions with Abu Dhabi National Oil Co., or Adnoc, unit XRG may not result in a deal, the sources said. Shell and LNG Canada declined to comment, while XRG and PetroChina did not immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, is looking to restructure its business to set up a gas division alongside its upstream and downstream segments, Reuters reported Tuesday, citing two sources familiar with the matter.The new division is said to give the company a dedicated platform to develop its natural gas resources domestically and expand its liquefied natural gas portfolio internationally.One of the sources added that the state-owned oil giant is also considering a potential listing of a minority stake in the gas business to raise funds.Aramco did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Shell (SHEL.L, SHELL.AS) said Tuesday that it earned $840 million from completing the sale of a 50% non-operated working interest in the Na Kika semi-submersible platform and the 100%-owned Coulomb tieback in the Gulf of Mexico.The oil and gas company's Shell Offshore unit agreed in June to sell the interests to a Talos Energy subsidiary and a Ridgewood Energy affiliate for a total consideration of $1.7 billion. The agreement covers uncapped upside-linked payments through 2027, as well as conditional overriding royalty interests on production from new Na Kika tiebacks.Shell co-owned the Na Kika platform with BP (BP.L), which holds the operating interest. It expects both assets to cease meaningful contribution to its production by 2030.