Wesfarmers Limited
(ASX:WES) has bought a 13.7 per cent stake in oil and gas play Quadrant Energy Holdings Pty Ltd who hold assets in Western Australia.
The Perth based conglomerate will spend $US100 million to acquire the interest, giving it the right to appoint one director to the board.
Managing Director Richard Goyder says the investment is complementary to the company’s chemicals, energy and fertilisers division’s existing businesses.
Quadrant Energy’s gas production currently represents about 40 per cent of Western Australia’s domestic gas supply.
Wesfarmers reported a net profit of $1.37 billion in the first half of the 2015 financial year.
