Shell PetroChina to buy Australian energy company is still pending approval

Shell denied that the deal had been approved by Australia, and that it was not expecting a short-term approval from overseas media yesterday about a joint takeover by Shell and PetroChina of 100% per cent of Australian Arrow Energy, the Australian Foreign Investment Audit Committee (FIRB), a spokesman for the Shell Oil Australia, told reporters yesterday　　, the report is not true, the company is still waiting for FIRB approval. March 22, PetroChina International Investment Co., Ltd., a subsidiary of PetroChina, and the Royal Dutch Shell company, Shell Energy Holdings, announced that a takeover agreement with Arrow would buy 100% of Arrow's stake in 3.5 billion Australian dollars. It is also the first coal-bed gas project PetroChina has acquired overseas.　　Under Australian law, the acquisition must be approved by the Australian Foreign Investment Commission.　　The head of the public relations Department of PetroChina Corp said yesterday that it was unaware of the acquisition's approval from the Australian government. Yesterday, the Australian Financial Review reported that the acquisition has been approved by the Australian Foreign Investment Audit Committee. In this respect, a spokesman for the Shell Australian company said PetroChina and Shell filed an application with FIRB last week but have not received FIRB's approval at the moment.　　He also said that in the short term, the acquisition will be able to obtain foreign investment Committee review is not expected.　　Last year, Yanzhou Coal bought the Australian Felix energy company three degrees to FIRB submitted a project acquisition review application, and finally got the conditions to pass. According to the new guidelines unveiled last year by FIRB, major transactions involving Australian state-owned companies, particularly those involving large Australian assets, will be subject to stricter scrutiny from the agency. According to industry insiders, FIRB may take 1-4 months to review the acquisition application.　　Arrow will hold a shareholder meeting in mid-July 2010 to vote on the takeover proposal. Arrow is Australia's largest coal bed gas company, through the acquisition, PetroChina and Shell joint venture company will have arrow in Queensland, State Of CBM assets and Australian domestic electricity business, as well as the Australian shell in Gladstone City, the proposed liquefied natural gas site.