Business

QCLNG workers are one step closer to getting a new boss

BG Group took 100% control of QCLNG last week and today they went one step closer to being bought by Royal Dutch Shell. Photo Mike Richards / The Observer
BG Group took 100% control of QCLNG last week and today they went one step closer to being bought by Royal Dutch Shell. Photo Mike Richards / The Observer Mike Richards GLA261214LNGD

WORKERS on QCLNG have to wait for three more approvals until they have a new boss.

Their current employer BG Group confirmed the Australian Treasurer has approved the recommended cash and share offer for the company made by Royal Dutch Shell.

The tick from the Foreign Investment Review Board is the fourth regulatory clearance out of five needed for the sale and then the transaction must be supported by both groups of shareholders.

This follows the unconditional approval by the Australian Competition and Consumer Commission on November 19 and clearances from Brazil and European Union.

The last clearance must come from China's Ministry of Commerce.

Last week BG Group were handed the keys to QCLNG from Bechtel with Train 2 going into its operational phase.

The company was already running Train 1 and secured 100% control of the site when they grabbed Train 2.

Royal Dutch Shell is an equal owner of Arrow Energy with PetroChina and has invested in coal seam gas in the Surat and Bowen basins.

Arrow Energy had plans on building a fourth LNG plant in Gladstone but the project was taken off the table in January.

Topics:  bg group, gladstone, qclng, shell




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