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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: E_K_S who wrote (31586)	9/7/2008 8:56:57 PM
From: E_K_S	Respond to of 78661

ConocoPhillips Joins Origin in $8 Billion Gas Venture bloomberg.com From the article:"... Sept. 8 (Bloomberg) -- ConocoPhillips, the second-biggest U.S. oil refiner, agreed to pay as much as $8 billion to join Origin Energy Ltd. in a natural gas venture in Queensland state as the Australian company seeks to fend off a bid from BG Group Plc. ConocoPhillips will initially contribute $5 billion to the venture, which will focus on coal-seam gas and liquefied natural gas processing and sales for export to Asia, Houston-based ConocoPhillips said in a statement distributed on Business Wire. It will take 50 percent of the coal-seam gas unit of Sydney- based Origin, Australia's biggest producer of the fuel...". ================================================================ Seems like a pretty large investment by COP. It shows their commitment to their LNG business. ``With this investment, ConocoPhillips has gained access to the leading coal-bed methane resource in Australia,'' Jim Mulva, chief executive officer of ConocoPhillips, said in the statement. ``The company has enhanced its LNG position with the creation of an additional Australian LNG hub serving Asia-Pacific markets.'' EKS