PetroChina, Shell to buy Australian energy company for 3.5 bln AUD

PetroChina and Royal Dutch Shell are joining forces to take over Australia's Arrow Energy. The deal is worth about 3.4 billion Australian dollars, or 3.1 billion US dollars.

Under the deal, PetroChina and Shell will offer 4.7 Australian dollars per share to acquire the entire stake in Arrow Energy. The deal needs approval from Australia's Foreign Investment Review Board. PetroChina and Shell have established a joint venture, and plan to carry out a massive liquefied natural gas project in Australia.