BHP Billiton Sells Stake in Australian Project To PetroChina

BHP Billiton (NYSE:BHP) striking a deal with PetroChina over a natural gas project in Australia. The energy and mining company agreed to sell a minority stake in the project for $1.63 billion after it deemed the site a "non-strategic asset."

This was due to the estimated $30 billion it would cost to build infrastructure. But PetroChina is willing to foot the bill during a time where energy companies in China are vying for foreign oil and gas supplies to meet rising demand.

The sale remains in the hands of join venture partners though who, as of right now, are choosing to not exercise rights to match the offer from PetroChina.