Husky, Cnooc resolve Liwan gas dispute
Calgary
THE end of a dispute over prices from an offshore Chinese energy project resolves an overhang on shares of Husky Energy Inc and prospects for natural gas development in the Asian nation.
Husky, the Canadian producer controlled by Hong Kong billionaire Li Ka-Shing, on Tuesday announced an agreement that will lower prices paid for gas output from the deepwater Liwan project. That settles a discord with China's state-owned Cnooc Ltd that took investors by surprise in April, when Husky said Cnooc was seeking to pay lower prices than stipulated by an existing contract. Husky also said on Tuesday that the companies will develop Liuhua 29-1, a field at Liwan, adding to the project's growth.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply