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Fed: Huge gas deal boost to Australia's economy

Wed Aug 19 05:36:10 EST 2009

The federal government says a record 50 billion dollar gas export deal with China is a huge boost to Australia's export income .. and will create up to six-thousand jobs.

Under the deal .. Australia will supply energy giant PetroChina with liquefied natural gas from the Gorgon development off Western Australia.

The total potential value of gas to be sold to customers in Asia and the Pacific over the next 20 years has been put at 300 billion dollars.

The deal comes a week after a 25 billion dollar deal to supply gas to India.

The Minister for Resources and Energy .. MARTIN FERGUSON .. says the unprecedented deal confirms Australia's importance as a global energy superpower.

(EDS: Changes keyword to GORGON from Gas)