Mining giant BHP Billiton Ltd. (BHP, BHP.AX, BBL, BLT.L) announced that it has completed the sale of its 8.33 per cent interest in the East Browse Joint Venture and 20 per cent interest in the West Browse Joint Venture, located offshore Western Australia, to PetroChina International Investment (Australia) Pty Ltd for US$1.63 billion plus customary purchase price adjustments.
All required approvals have been secured and relevant documents were signed today in Beijing to finalise the transaction. BHP Billiton said that the sale reflected its exit from the Browse Joint Ventures.
In December 2012, BHP Billiton said agreed to sell its stake in the proposed Browse liquefied natural gas or LNG project in Australia to Chinese oil and gas company PetroChina Co. (PTR) for $1.63 billion in cash.
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