BHP Billiton exits Browse for $1.6bn

City A.M. Reporter
BHP Billiton said last night it is selling its interest in the troubled Browse liquefied natural gas project to an arm of PetroChina for $1.63bn (£992m).

The London-listed miner is the second joint venture partner to exit the $30bn project after Chevron’s disposal in August increased the stake held by Shell. Browse has faced opposition from campaigners over its proposed location in north west Australia.