<
https://reneweconomy.com.au/abu-dhabis-takeover-bid-for-santos-raises-australian-national-interest-concerns/>
"Energy security has been highly topical in the past few years as the impacts
of high gas and coal prices have been felt by Australian households and
industry. One notable commenter has been the gas industry group Australian
Energy Producers, which has flagged the need for increased gas supply to ensure
domestic energy security.
Despite this, however, executives from Australia’s second largest gas producer
Santos will be arguing that the government and regulators should allow it to be
sold to Abu Dhabi National Oil Company (ADNOC) – fully owned by the Abu Dhabi
government.
The proposed purchase of Santos for AU$36.4 billion (US$23.78 billion) in cash
has already received the Board’s endorsement pending the outcome of due
diligence.
The XRG consortium, led by ADNOC, has stated it wants to increase its presence
in the liquefied natural gas (LNG) sector. This aim would be furthered by
acquiring Santos’s equity LNG interests of about 4.83 million tonne a year
through its three projects: Darwin, Gladstone, and PNG LNG in Papua New Guinea.
However, the acquisition would further increase foreign ownership of Australian
energy assets and infrastructure, begging the question whether this deal is in
the national interest.
While the transaction may benefit both businesses, the likely focus on LNG
markets by ADNOC may put it at odds with Australia’s energy security and
economic interests."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
