Australian Gas Buys 10 Percent of Papua New Guinea Project

Jan. 16 (Bloomberg) -- Australian Gas Light Co., Australia's biggest energy retailer, completed an agreement with Oil Search Ltd. to buy a 10 percent stake in a Papua New Guinea natural gas supply project for about $400 million.
Australian Gas also converted its A$4.5 billion ($3.4 billion) agreement to buy fuel from the Papua New Guinea- Australia gas pipeline project into a binding contract, the Sydney-based company said today in a statement to the Australian Stock Exchange.