July 18 (LNGJ) - Thailand PTT is set to complete a $1.9 billion takeover of Cove Energy and gain access to the huge LNG potential in Mozambique's Rovuma Basin from Cove's 8.5 percent holding in the licence after Royal Dutch Shell retired from the five-month-long bidding contest. Analysts said Shell believed it would be paying too much for Cove, though it could now turn its attention to another Mozambique shareholder, via an acquisition or some other partnership arrangement.
PTT to complete Cove takeover
Written by John McKay
Wednesday, 18 July 2012
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