BHP sells Browse stake to China gas giant

BHP Billiton has sold its stake in the Browse project to a Chinese gas giant. Source: Bloomberg

BHP Billiton has rid itself of looming risks with the controversial $30 billion Browse gas project after deciding to sell its interest to oil and gas giant PetroChina.

PetroChina International Investment has agreed to buy BHP Billiton's stake in two Browse gas project joint ventures off the West Australian coast for $US1.63 billion ($A1.56 billion).

Investors backed the decision on Wednesday, sending BHP Shares 37 cents, or 1.04 per cent, higher to $35.78 while shares in Browse joint venture leader Woodside Petroleum rose 54 cents, or 1.6 per cent, to $34.44 at 11.15 WST.

BHP's petroleum chief executive Michael Yeager said the Browse project interests were a non-strategic asset for the mining giant.

"This is an excellent opportunity for both companies,'' Mr Yeager said.

Woodside has spent $1 billion to date on the Browse joint venture project which it wants to proceed onshore at James Price Point in the Kimberley region by the first half of 2013.

But joint venture partner Royal Dutch Shell appears to prefer a floating LNG platform to develop Browse.

State One Stockbroking industry analyst Peter Kopetz said the decision meant BHP would be able to deploy $1.6 billion elsewhere while still being involved with other oil and gas projects.

"Maybe Browse wasn't the right fit for them,'' Mr Kopetz said.

"Browse is still at an early stage. It hasn't been approved, there's still a lot of risk involved and there's huge capital expenditure going to come through with it.''

BHP had probably assessed that it had more important priorities.

"It's not the biggest thing that's going to contribute to their bottom line.''

But he said investor confidence in Woodside meant the project was still a good one.

The sale could make it easier for Woodside to make a decision on Browse, Mr Kopetz said.

"I think PetroChina will go along with Woodside because obviously they're experienced in this part of the world.''

He said New York listed PetroChina's involvement would raise some eyebrows, but it was a logical step into West Australian LNG as it looked to shore up China's energy security.

It comes days after the West Australian government admitted it had again bungled its applications to compulsorily acquire land for the planned gas processing hub.

Woodside chief executive Peter Coleman on Tuesday said the process was "complex'' but it would not affect the company's final decision time line for next year.

Conservation group Environs Kimberley said BHP's withdrawal from the Browse project was a vote of "no confidence'' in the James Price Point location.

The sale remains subject to regulatory approval, but is expected to be completed in the first half of calendar 2013.

In August, Chevron divested its holdings Browse in an exchange of territory with Shell and in July, Woodside sold a third of its stake in the project to Japan's Mitsubishi Corporation and Mitsui & Co.

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Chanel's seven-year search ends on King St

Chanel has opened a store in Perth's King Street. Picture: Marie Nirme Source: PerthNow

THE newest retailer in Perth's luxury shopping precinct believes King Street is the best in the country.

Chanel Australia and New Zealand managing director David Blakely was in Perth today for the opening of the French luxury brand's Perth store - meeting a crowd of people waiting to get inside.

Mr Blakeley said the company spent seven years searching for the right location and believed that "cute" King Street now had the perfect mix of high-end retailers for Perth.

"I think you've got a tremendous mix in King Street now - I think we're the last ones really to get here," he said.

The managing director said the recent closures of several King Street names, including Perth designer Ruth Tarvydas, didn't worry the international brand but wouldn't comment on how rent in Perth compared to other Australian capital cities.

"We've looked around and we believe that it is the best looking luxury street in Australia," he said.

"The buildings are great; the architecture is great, it was a matter of getting the right store in the right street – so that's what's taken so long to get here."

It's welcome news to the luxury precinct, which has lost a host of iconic retailer including Wasteland, Subway DC and Periscope recently.

Mr Blakely said the company's brand had a long-term future in Western Australia despite what some are claiming to be tough times in retail.

"I think retail is a dynamic industry," he said.

"Retail is booming everywhere or retail is doing it tough everywhere – it depends on who the retailer is and what product you're selling and how you actually retail.

"It's not about micro-economy - it's about having a range, having a brand that we're bringing to this city that we believe there will be a market for today, tomorrow and a long time in the future.

Within the first two hours of the store opening nearly 200 keen shoppers had experienced the new boutique, with some lining up for hours to get in.

The new luxury store – with high ceilings and spacious floor space - includes all the pickings of a Chanel store in Paris, London or New York with each designed by New York based architect Peter Marino.

"We're always using the original themes of Coco Chanel," Mr Blakely said, "the beige, the tweed, the gold etcetera, the black architecture.

"It just gets used in a little bit of a different way."

The managing director said the organisation went out of its way in training its 12 new Perth-based staff and design to ensure everybody – no matter the economic background - felt welcome.

"We have something for everybody and its constantly changing," he said.

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Petrol price spike just hours away

The price of unleaded petrol is set to jump sharply from tomorrow. Source: AFP

THE price of petrol is tipped to rise by 13 cents per litre at many sites tomorrow, led by BP where unleaded fuel will sell for as much as 147.9c, according to FuelWatch.

Meanwhile, most Caltex, Caltex Woolworths and Coles Express petrol stations will lift the ULP price to 145.9c/L, with Gull and Peak stations expected to increase their prices to 144.9c/L.

The average metropolitan price for ULP tomorrow will be 144.1c/L.

FuelWatch advises motorists fill up today and pay no more than 135.7c/L as Thursday and Fridays are the most expensive days to buy fuel.

Wednesday's cheapest ULP is available for:
- 133.4 cpl at United Roleystone in the East;
- 132.8 cpl at Caltex Woolworths Warnbro Fair and Caltex Woolworths Canning Vale in the South; and
- 132.8 cpl at Caltex Woolworths Greenwood and Caltex Woolworths Clarkson in the North.

Thursday's cheapest ULP will be available for:
- 133.4 cpl at United Roleystone in the East;
- 132.1 cpl at Coles Express Canning Vale in the South; and
- 132.1 cpl at Coles Express Mt Lawley and Coles Express Clarkson in the North.

Tomorrow's metropolitan average price for LPG will be 81.6cpl, however, there will be over 30 sites selling for less than 79.0cpl.

Thursday's cheapest LPG will be available for 77.4cpl at BP Connect East Perth, Coles Express Perth and Caltex Woolworths Mirrabooka.

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Perth set to lead property price spike

Property experts believe Perth is set to lead the nation in property price growth. Source: PerthNow

AUSTRALIAN house prices are set to rise in 2013 as increased affordability and interest rate cuts entice buyers into the market.

The latest snapshot of the national property sector shows prices dipped in the three months to the end of September, but they were unchanged over the year.

The Bendigo Bank/Real Estate Institute of Australia real estate market report found the weighted average median house price for capital cities fell 0.6 per cent in the September quarter, compared to the June quarter.

However the average price for other dwellings, including apartments, rose 1.2 per cent.

While Sydney remained top of the list for the most expensive median house properties, prices fell 0.4 per cent to $641,890 from the previous quarter.

Darwin was the next expensive city at $568,300, followed by Melbourne at $530,000.

The cheapest median capital city price was in Hobart at $340,000.

REIA president Peter Bushby said prices were expected to improve in 2013.

"We expect to see increased growth in the market based on improving affordability, coupled with recent interest rate reductions,'' he said.

"The rate cuts were a step in the right direction, and should encourage investors to start looking at investment properties.''

A strong demand for rental properties would be encouraging for would-be investors, while buying a home would also become more attractive thanks to increased affordability, Mr Bushby said.

The Reserve Bank of Australia cut the cash rate by 0.25 per cent to three per cent at its December 4 meeting, following earlier cuts in May, June and October.

Australian Property Monitors agreed that next year should be a good one for the market, with median house prices expected to rise by three to five per cent.

APM's State of the Market report, also released today, forecast median house prices were set to rise by three to five per cent in 2013.

Perth and Darwin would experience the largest growth, of between five and seven per cent respectively, while prices in Hobart and Adelaide would be flat.

"Overall markets have stepped forward modestly into recovery in 2012 with the prospect of this trend continuing in most capital cities,'' APM senior economist Andrew Wilson said.

"2013 should continue to build on the modest gains of the past year, however the forthcoming federal election and the likelihood of a protracted campaign may result in some uncertainty amongst homebuyers and sellers, with confidence already low.''

FORECASTS FOR MEDIAN HOUSE PRICES IN 2013
- National average house prices are forecast to rise 3-5%
- Sydney prices up 3-5%
- Melbourne up 0-3%
- Brisbane up 3-5%
- Adelaide flat
- Perth up 5-7%
- Hobart flat
- Darwin up 5-7%
- Canberra up 0-3%
Source: Australian Property Monitors

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Which WA town is the best in Australia?

The surf breaks at Margaret River are a major attraction. Picture: Theo Fakos Source: PerthNow

West Australian surfer Taj Burrow competes in the Drug Aware Margaret River Pro. Picture: Supplied. Source: PerthNow

MARGARET River's quality restaurants and wineries combined with its world renowned surfing make it the best town in Australia.

The tourist town in WA's South West received the Best Town award for the second consecutive year at the Australian Traveller Readers' Choice Awards tonight.

The award ceremony, which was held in Sydney, also saw the Kimberley dubbed Australia's Dream Destination and Best Adventure Holiday Destination in Australia.

Sydney was voted Australia's favourite city, knocking Melbourne, last year's winner, off the perch by a single vote.

The Readers' Choice Awards are the only consumer awards for tourism in Australia.

More than 1000 Australian Traveller magazine readers nominated their favourite travel destinations and experiences throughout the country in a survey conducted by the magazine.

Australian Traveller magazine editor Georgia Rickard said the awards were an indication of domestic travel trends for 2013.

"Being voted by travellers themselves, the survey results are an accurate mark of what Australians recognise as the best adventures and destinations, and which leisure operators are excelling in their field," she said.

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Policeman, woman survive road rage ordeal

A TEENAGER will face court after an alleged road rage incident in Wanneroo that saw him hit a woman with his car and drive 60m before she fell off the bonnet.

At 12.30pm on December 8, an officer was conducting inquiries at a Stockholm St house when he heard tyres screeching and the revving of an engine, and turned to see a white Nissan Skyline speeding towards him.

The officer walked onto the road to stop the vehicle, and it will be alleged the driver sped up and drove straight towards the policeman, who had to jump to the side of the road to avoid being hit.

A short time later, the Nissan Skyline pulled up behind another vehicle that was stationary at the corner of Elliot and Wanneroo roads and beeped his horn excessively.

The 47-year-old driver stepped out of her car to see what was wrong.

When she saw the man was agitated, she started walking back to her car, and the man allegedly drove towards her and hit her, causing her to land on the car's bonnet.

Police further allege the driver of the Nissan reversed his car and drove backwards erratically, swerving side to side to try to knock the woman off the bonnet.

After driving about 60m, the woman fell off the bonnet and received minor injuries.

The Nissan driver left the scene.

A 19-year-old Wanneroo man has been charged with reckless driving, unlawful act with intent to harm, failing to report an accident, failing to stop when called upon, failing to stop after a traffic accident, and failing to render assistance.

He will appear in Joondalup Magistrates Court on December 19.

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Taxi driver's rape appeal thrown out

Amrit Pal Singh leaves court back in February. Source: PerthNow

A TAXI driver who raped a drunken hen's night passenger has failed to have his conviction quashed.

Amrit Pal Singh, 32, was found guilty by a District Court jury in February of one count of sexual penetration without consent.

He maintained the sex he had with the 25-year-old woman in his cab a year earlier was consensual but was convicted and sentenced to six years jail.

Singh attempted to have the conviction quashed on the grounds Judge Gillian Braddock erred in her directions to the jury.

But in a unanimous decision today, his appeal was thrown out by the WA Court of Appeal.

The jury in Singh's trial heard his passenger had been very drunk after attending a hen's party in the afternoon and was refused entry to a nightclub in Leederville.

She got into his taxi to go home but he left the freeway and took her to a car park near bushland where he had sex with her.

Singh then drove the woman home, where her husband helped her inside and paid the $60 fare.

The woman complained to police the next day after waking up and recalling part of what had happened.

In sentencing Singh, Judge Braddock said his actions were opportunistic and for his own sexual gratification. She said he had not worn a condom, meaning the woman had to be screened for sexual diseases.

"Your conduct may cause some women to fear taking a taxi home when they need to,'' she said.

The judge also said Singh's crime could tarnish the reputations of all honest taxi drivers in Western Australia.

She said Singh, who arrived in Australia from India in 2006, had failed to show remorse or understand the enormity of his crime.

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'Vigilante fear' drove pedophile to attack

Convicted child sex offender Bradley Pendragon. Picture: ABC News Source: PerthNow

NOTORIOUS pedophile Bradley Pen Dragon has claimed he was on the run from vigilantes intent on killing him when he assaulted a terrified mother at knifepoint in Perth earlier this year.

Pen Dragon was sentenced to five years in jail, without a chance of parole, for the knife attack on the mother and her 11-month old baby in Mt Lawley in August.

The victim, who wishes only to be known as Shannon, described her terror as Pen Dragon attacked her from behind with a butcher's knife as she sat in her car with her baby outside a suburban hospital.

She suffered significant cuts to her hands as she fought off the 52 year-old, who fled without stealing any money or property, and was arrested at a nearby train station.

As he pleaded guilty and was sentenced by Justice Lindy Jenkins in the Supreme Court of Western Australia today, Pen Dragon's lawyer Simon Watson said he had been acting out of desperation because he was virtually "on the run'' from vigilantes.

Mr Watson said his long criminal history, which included a 13-year stint in a Thai prison for threatening, beating and raping three girls, was well known and he was trying in vain to find somewhere to live on the night the attack occurred.

"He was told his throat would be cut ... he was threatened that bikies would find him and have him killed,'' Mr Watson said.

In a victim impact statement tendered to the court, the 38-year-old victim said her life had been turned upside down by the attack.

She said her family had sold the car she was attacked in, sold its house and moved to a different area in order to feel safe.

Speaking outside court, she said she was happy Pen Dragon was behind bars, but was still feeling the impact of the attack.

"In five years time my little girl is still going to be very young, and it would have been nice to see him released when she was all grown up,'' Shannon said.

"It was a like a scene out of a movie, and I still don't believe I could be so unlucky as to run into a character like that.

"He has a very, very long history, and he is a very frightening man. The community needs to be kept safe.''

Pen Dragon's conviction of assault with attempt to rob was the latest in a criminal past that began when he was 14.

He was released from Bangkok's Klong Prem prison in 2006 after serving 10 years of a 15-year sentence for the violent child sex offences, which dated back to 1993.

He moved from NSW to Western Australia after he was deported back to Australia, and then in 2008 and 2009 was convicted of several counts of possessing child pornography.

It was just 10 weeks after his release from prison on the latest child porn charge that he committed the assault for which he received the five-year jail term.

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Regret over grim bag contents

MISSING: Sarah Anne McMahon Source: PerthNow

A WOMAN has told an inquest into a young Perth woman's disappearance 12 years ago that she regretted relinquishing a bag containing knives, rope, gaffer tape and extreme pornography that belonged to a person of interest.

Sarah Anne McMahon has not been seen since she went missing after leaving her workplace in Claremont in November 2000, aged 20.

Three widespread police investigations since then have failed to discover her whereabouts.

WA coroner Alastair Hope was yesterday told that police had long suspected 57-year-old Donald Morey, an acquaintance, was involved in her disappearance.

Marta Margaret Allen, whose husband Gareth became friends with Morey in prison, told the inquest today she was shocked and concerned when she saw the contents of a bag belonging to Morey that he had left at their family home.

Morey, a former abattoir worker who is currently serving 13 years in prison for the attempted murder of a Perth prostitute in 2004, was staying part-time in the Marangaroo house after being employed by Mr Allen's trucking company.

Ms Allen described the pornographic magazines inside the bag as "horrific'', depicting bound, gagged and heavily lipsticked women who appeared to be dead.

It also contained dirty lengths of rope and two knives.

"Gareth was in shock - he had to leave the room - he was pretty disgusted,'' Ms Allen said.

Mr Allen had been looking for work documents sought by his employer when he found the bag while Morey was in hospital with heart problems.

Ms Allen said she immediately called police to tell them about the bag, but they took four days to respond.
In the meantime, she had given the bag to Lyn Bishop, Morey's partner at the time.

"I just wanted that bag out of my house,'' Ms Allen said.

"It's the one thing I regret - handing that bag over.''

She said she had an argument with Ms Bishop, asking her how she could be with someone like that.

She said Ms Bishop replied: "Don's done nothing and even if he has, you can't prove it.''

Giving evidence later, Ms Bishop said she could not recall the argument.

She did recall looking inside the bag and while she quickly closed the magazines after a peek, saying she "didn't like'' their contents, she didn't think there was anything unusual about the rope and gaffer tape.

"It didn't really compute with me,'' she said.

She said gaffer tape and rope were "everywhere'' around her Chidlow property, which Morey had helped her renovate and landscape.

Ms Bishop said she then gave the bag to Morey's friend Steven Taylor at the request of her then-boyfriend.

Ms Allen also told the hearing a statement by a friend, whose name has been suppressed, was incorrect and had been "fabricated'' by police.

In the statement taken only last week, a woman claimed she had seen Ms McMahon's naked body on Morey's bed with rope looped around her neck, and that Ms Allen had helped clean up after the murder.

"That statement is false,'' Ms Allen said.

The inquest continues.
 

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Warne and Hurley chase romantic escapade

Melbourne Stars captain Shane Warne was all smiles ahead of their match against the Scorchers on Thursday. Picture: Justin Benson-Cooper Source: PerthNow

KEEP your eyes peeled if you're dining in Subiaco tonight - chances are one of the world's most famous couples could be at the table next to you.

Champion leg-spinner Shane Warne and British bombshell Liz Hurley have hit WA for a whirlwind visit ahead of Warne's appearance in the T20 Big Bash League tomorrow night.

The couple flew into Perth this morning, with Warne training at the WACA Ground this afternoon and Hurley given a tour of the venue.

"Just had a look around the Waca! What a beautiful ground…" Hurley posted on Twitter this afternoon.

After a net session and a media conference, Warne also took to Twitter to ponder dinner choices for tonight.

"Where should I take @ElizabethHurley to dinner in Perth tonight? Where's the best place that's romantic and quiet?" he posted.

And with former Hampshire teammate Dimitri Mascarenhas suggesting Subiaco's Buddha Bar was an attractive option, Warne and Hurley could well be rubbing shoulders with local diners this evening.

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