Australia signs multibillion-dollar LNG deal with China

Australia will supply China with liquefied natural gas (LNG) worth 50 billion Australian dollars (US $41 billion), officials said on Tuesday.

Updated on: Aug 19, 2009, 01:19:58 IST

By Anonymous, Sydney

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Australia will supply China with liquefied natural gas (LNG) worth 50 billion Australian dollars (US $41 billion), officials said on Tuesday. It's Australia's largest resources deal ever, double the size of the LNG supply deal sealed last week with India.

"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 in a statement.

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

The agreement was signed in Beijing between Gorgon partner ExxonMobil and Chinese energy giant PetroChina.

Ferguson said the Gorgon project had led to LNG supply contracts worth 300 billion Australian dollars over 20 years.

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