caltex looking for possible ucg acquisition

This is interesting!



Reuters.

UPDATE 1-Australia's Caltex says on watch for acquisitions
Thu Nov 12, 2009 10:32am IST Email | Print | Share| Single Page[-] Text [+]
* Caltex says looking to grow through acquisitions

* Says investigating some "niche opportunities"

* Strong Australia dollar pressuring refiner margins (Recasts, adds comment on mergers)

MELBOURNE, Nov 12 (Reuters) - Caltex Australia Ltd (CTX.AX: Quote, Profile, Research) is looking to grow through mergers and acquisitions and it will be exploring some "niche opportunities" in the energy sector, Chief Executive Julian Segal said on Thursday.

Caltex said its short-term outlook was difficult, but voiced long-term optimism amid expectations of higher fuel demand from Australia's growing population and a robust mining sector.

"Caltex will need to achieve its growth aspirations by executing successful adjacent step-out and merger and acquisition opportunities," Segal said in a speech in Melbourne.

"There are many opportunities available to Caltex as a middle-sized company in the Australian energy sector which we will now investigate," he said, without giving details.

Caltex, which operates two refineries that account for about 30 percent of the country's capacity, has previously said it is interested in the renewables sector, including bio-diesel and underground coal gasification.

Segal also said there might be acquisition opportunities in refining as rivals might shift away from downstream operations as they embark on major gas-export projects in Australia.