PetroChina Withdraws WestSide Bid

PetroChina has withdrawn a 185 million Australian dollar (US$184.7 million) offer to take over CSG player WestSide.

PetroChina said that it has decided to withdraw from negotiations with WestSide “because the general situation in Australia has changed so much“.

“WestSide will intensify its focus on several valuable commercial opportunities available to the Company as an emerging independent gas producer in Australia’s burgeoning energy market, while due diligence by other parties continues. The Board remains committed to delivering the best outcome for shareholders,” WestSide’s Executive Chairman Angus Karoll said.

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LNG World News Staff, May 14, 2013; Image: WestSide