SYDNEY: Chinese energy giant PetroChina Co. Ltd. has pulled out of a $40 billion deal to buy natural gas from a project off Australia, leaving Woodside Petroleum Ltd. looking for new customers.
Reasons for letting the preliminary agreement lapse were not given, but analysts said Tuesday it was probably because PetroChinahad become dissatisfied with the cost in the two years since the deal was signed.
Woodside informed Australia's stock exchange on Monday that an early stage agreement for the Browse Basin liquefied natural gas project off Western Australia state had not been settled by a Dec.31 deadline and had now lapsed.
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