​Coogee Chemicals buys into gas and oil explorer Buru Energy

​Coogee Chemicals has taken an 8.9 per cent stake in explorer Buru Energy.

Coogee Chemicals has taken an 8.9 per cent stake in explorer Buru Energy.

The Australian Financial Review reports that Buru is undertaking a $40 million capital raising to help fund drilling and testing in the Canning Basin.

The news follows a suggestion by Santos’ s Peter Cleary at the PACIA annual conference that manufacturers concerned about energy security were welcome to invest in early-stage projects.

It was reported last week that Coogee Energy, a division of Coogee Chemicals, is considering the United States to build a new, world-scale methanol plant, with gas affordability cited as a reason.

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