Is Australia selling off its energy security to the UAE?
A scramble for gas access in an increasingly volatile and unpredictable global landscape has prompted one of the world's biggest petroleum producers, the Abu Dhabi National Oil Company, to lead a proposed $36.4 billion takeover of Australia's second-largest independent gas producer.
The bidding consortium includes ADNOC's foreign investment arm XRG, which has a majority stake, as well as the sovereign wealth fund, Abu Dhabi Developmental Holding Company and American private equity giant The Carlyle Group. The deal will undergo scrutiny by the Foreign Investment Review Board, which will then make a recommendation to the treasurer for final approval. Santos has backed the planned bid.
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