Santos In Final Stages Of Agreeing Sell Down Of Part Of GLNG Equity Interest
09/09/2010 9:55AM
MELBOURNE (Dow Jones)--Santos Ltd. (STO.AU) said Thursday that it is in the final stages of negotiating a sell down of part of its stake in the Gladstone Liquefied Natural Gas project, and requested that its shares be halted from trading as the deal "may have a material impact" on its share price.
The group didn't identify who it was in talks with.
GLNG is owned 60% by Santos and 40% by Petroliam Nasional Bhd (PET.YY), or Petronas.
The project, tipped to be the first in the world to turn coal-seam gas into shippable LNG, is awaiting a final investment decision later in the year and aims to start producing 7.2 million tons a year of LNG from 2014.
Santos shares last traded at A$13.75.
-By Lyndal McFarland, Dow Jones Newswires
END:
Santos In Final Stages Of Agreeing Sell Down Of Part Of GLNG...
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