A Petronas spokesman said that the company was planning several acquisitions in “the gas industry in a few countries in Europe” and hoped to announce at least one other deal by the end of this year.

Petronas revealed on July 19 that it acquired 10,206,271 Star Energy shares in Star Energy. It is estimated to have paid about U.S. $350 million for the shares.

Star Energy is an integrated energy company currently operating in the UK onshore sector, that combines oil, gas and electricity production with a developing gas storage business. The company is listed on the London Stock Exchange's Alternative Investment Market.

Its main project is the construction of the Humbly Grove Gas Storage Project, scheduled to be commercialised in October 2005. Star Energy is constructing a 10 billion cubic feet gas store there.

Petronas bought the block of shares from Star Energy’s original investor European Acquisition Capital. Star Energy had announced a week before Petronas' share purchase that a unnamed company was interested in buying shares in the company and ould subscribe for 19.06% of the new shares, at a total cost of US $12 million, which Star Energy plans to issue to fund its acquisition of onshore operator Pentex.

Pentex is a privately-owned British energy company, with interests in 15 onshore licenses and appraisal and exploration opportunities in the UK onshore sector.

Star Energy said that in addition to increasin g oil reserves and production, the acquisition of Pentex may add further potential gas storage opportunities and would provide operational synergies and incremental cash flow within the enlarged group.