FED: Aust on verge of unprecedented LNG expansion: PM
PARLY 011Wed Aug 19 17:55:58 EST 2009
Subject: [Fwd: FED: Aust on verge of unprecedented LNG expansion: PM] name="FED: Aust on verge of unprecedented LNG expansion: PM.eml" filename*0="FED: Aust on verge of unprecedented LNG expansion: PM.eml" Subject: FED: Aust on verge of unprecedented LNG expansion: PM FED: Aust on verge of unprecedented LNG expansion: PM
CANBERRA, Aug 19 AAP - Australia is on the verge of an unprecedented expansion of its liquefied natural gas (LNG) industry, Prime Minister Kevin Rudd says.
On Tuesday, PetroChina agreed to buy $50 billion worth of LNG from the yet-to-be developed Gorgon project in Western Australia, underpinning its viability.
Joint venture partners Chevron, ExxonMobil and Shell are expected to give the final sign-off before the end of the year.
The Rudd government will also need to give it the final environmental green light.
"This announcement helps bring the Gorgon project to the verge of reality," Mr Rudd told parliament.
The gas deal will become Australia's biggest ever trade agreement and the Gorgon development is the biggest resources project for the nation.
"The global economic crisis notwithstanding, we are on the threshold of an unprecedented expansion of the LNG," Mr Rudd said.
Apart from Gorgon, there are a number of other LNG projects in the pipeline or in line for expansion.
"This government is providing every level of possible support it can to bring about this future great economic development opportunities for Australia," Mr Rudd said.
It was a sign of confidence in the economy, he said.
AAP so/sb=0A
FED: Aust on verge of unprecedented LNG expansion: PM