The Age reported that Mr Marius Kloppers boss of BHP Billiton has dismissed criticism from its takeover target Rio Tinto that BHP's petroleum business is too small to make strategic sense within a minerals company.

Mr Kloppers said that he believed the petroleum division was a fantastic business. And we think that at USD 115 a barrel oil anyone with a pencil can work out that this is a wonderful business.”

He added that "We have got great growth and we believe that the business is an absolute star.”