China wants a piece of upstream equity before it buys.
By Barry FitzGerald Woodside Petroleum may need to offer China equity in the strategic North-West Shelf gasfields to secure liquefied natural gas sales in the emerging Chinese market, according to Woodside managing director Mr John Akehurst. He also said Woodside had renewed its efforts to reach a detente with its 34 per cent shareholder and rejected takeover suitor, the Anglo-Dutch giant Shell. Woodside management has been under pressure to deliver a growth strategy for the company in the wake of Canberra's rejection, on national interest grounds, of the Shell tilt. But it was also clear that Woodside's main item of business in the days ahead was arriving at a new understanding with Shell, following the hotly contested takeover attempt by the group. Woodside in the meantime continues to pursue its international growth opportunities, including first sales of North-West Shelf gas to China.