Date: Tuesday, September 8th, 2015
Source: Agence France Press, 08 September 2015
Australian energy giant Woodside Petroleum has recently made an estimated AUD $11.6 billion bid for Oil Search, in a move to tap into the Papua New Guinea market. Woodside last month reported a 39% drop in net profit for the first half year, due to falling commodity prices; this latest move is aimed at capitalising on an expected recovery in the oil price.
Source: in-en.com, 04 September 2015
According to a recent report released by Ernst & Young, the Australian mining industry is still facing a host of issues around M&A and a lack of overall financing. In the second quarter of 2015, there have only been 14 new deals worth approximately USD $8.7 billion for BHP and USD $81 million spread over a number of firms.
Source: Reuters, 27 August 2015
Global mining and trading firm Glencore Plc and Australia’s Bloomfield Group agreed to acquire Vale’s Integra coal mine in Australia. The mine produces both metallurgical coal used in steelmaking and thermal, or “steam” coal, used to generate electricity. Under the deal Glencore will acquire Integra’s underground operations while Bloomfield will get the open cut mine and the wash plant and rail loop facilities. Vale stock was up 2.21% on the news.
Source: RT, 3rd September 2015
During the recent visit of President Putin to China the two countries have further expanded cooperation in oil, gas and other areas through a series of strategic memorandums signed between a number of large state and private owned enterprises.
This brief summarises a range of publicly available news articles in both Chinese and English and AustCham takes no responsibility for the accuracy of the information in these articles. In addition, the views and opinions reflected in these articles are not necessarily representative of AustCham’s stance.
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