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Shell and PetroChina target Arrow

Shell and PetroChina target Arrow
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Royal Dutch Shell and PetroChina have confirmed that they have formed a partnership to try to buy Australia’s Arrow Energy. The price would be the equivalent of around 2.2 billion euros.

Arrow has Australia’s largest reserves of coal-seam gas, that is natural gas trapped in seams of coal. Its shares soaring by nearly half, indicating investors expect a higher bid.