Australia in talks to help PNG buy $1.1 bln PNG LNG stake

(Reuters, Sydney. 6 December 2022) Papua New Guinea's state-owned Kumul Petroleum is in talks with Australia's export credit agency to help fund a $1.1-billion acquisition of a 5% stake in the PNG LNG project from Santos Ltd (STO.AX). Santos announced in September that Kumul had made a binding offer to buy a 5% stake in PNG LNG from the company for $1.1 billion, subject to the other joint venture partners, which include ExxonMobil Corp and Japan's JX Holdings Inc, waiving their pre-emptive rights to match the offer.