Australia signs record $50 billion deal with China over LNG

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http://money.ninemsn.com.au/article.aspx?id=851469

Australia has secured its biggest ever resources deal by signing a $50 billion agreement to supply liquefied natural gas to China.

The gas will come from the Gorgon development off the West Australian coast and comes a week after a $25 billion deal to supply gas to India, also from Gorgon.

The $50 billion Gorgon LNG project will be the biggest single investment ever made in Australia, breaking the record set only a few years ago by the $12 billion Pluto LNG project now under construction in Western Australia.

Minister for Resources and Energy Martin Ferguson said the unprecedented export deal confirmed Australia’s importance as a global energy superpower.

“The $50 billion Gorgon LNG project will be the biggest single investment ever made in Australia, breaking the record set only a few years ago by the $12 billion Pluto LNG project now under construction in Western Australia,” Mr Ferguson said in Beijing.

“We are a country built on foreign investment and we continue to welcome investments that develop our resources for the benefit of all Australians,” he said.

The deal, between Gorgon partner ExxonMobil and Chinese energy giant PetroChina, will contribute to the 6,000 jobs expected to be created at the peak of the Gorgon project.

“PetroChina is an increasingly important partner in the Australian LNG industry and I hope the relationship will be long and successful,” Mr Ferguson said.

Mr Ferguson said the Gorgon project would provide a significant boost to Australia’s export income with contracts to sell around $300 billion worth of LNG to customers in the Asia-Pacific over the next 20 years.

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massive deal with china..and comes after a huge deal was signed with india over the same area of LNG deposits..gorgon the gorgonzola is an enormous resource for australia and will deliver billions of dollars to the economy

have a look at that logo for petrochina..no more to say is there?..china an enemy?..i dont think so..it plays the game to

401

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~ by seeker401 on August 20, 2009.

9 Responses to “Australia signs record $50 billion deal with China over LNG”

  1. hey seek. it could be nothing, he may be found ok…but Minister Tim Holding is missing in the mountains after bushwalking…http://www.news.com.au/story/0,27574,26004935-421,00.html

    and there was this…Police Minister Tim Holding targetted in Parliament over latest database breach

    http://www.abc.net.au/stateline/vic/content/2005/s1441955.htm

    we’ll see…

  2. http://www.dpc.vic.gov.au/domino/Web_Notes/newmedia.nsf/b0222c68d27626e2ca256c8c001a3d2d/826338fc653bc5fdca256ef5007772f1!OpenDocument

  3. this may or not be significant…

    http://www.dpc.vic.gov.au/domino/Web_Notes/newmedia.nsf/b0222c68d27626e2ca256c8c001a3d2d/826338fc653bc5fdca256ef5007772f1!OpenDocument

  4. also…..who knows where deals with the chinese would lead? he’s already being blamed for information leaks. now it seems hes had a bit to do with the chinese military and sensitive communication based tech…

  5. hes found yet….” A private aircraft, not related to the search, spotted Mr Holding last night while he was wearing a headlamp given to him by his partner for his birthday last month.

    Deputy Comissioner Kieran Walshe said he could not discuss the use of the aircraft because of security reasons….”

    http://sl.farmonline.com.au/news/state/agribusiness-and-general/general/holding-not-worried-during-ordeal/1611407.aspx

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