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Sovereign Wealth Funds Briefing - Categorized | Market

Deadline looms for PNG’s oil search stake

Posted on 26 November 2013

Oil Search will find out next month if the Papua New Guinea government can raise $1.68 billion to avoid giving up its 14.6 per cent stake in the company to an Abu Dhabi state-owned wealth fund, which could then expose the company to a takeover tilt. If the PNG government is forced to give up its blocking stake in the Port Morseby-based Oil Search, it could provide a chance for the likes of ExxonMobil, France’s Total or Royal Dutch Shell to move in and attempt a takeover.
The PNG government is expected to announce before Christmas whether it will relinquish its stake to the Abu Dhabi sovereign wealth fund, International Petroleum Investment Company (IPIC)………………………………………..Full Article: Source


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