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Australia signs record 41 bln dlr energy deal with China
Sydney (AFP) Aug 19, 2009 Australia has signed a record 41.3 billion US dollar deal to supply Chinese energy giant PetroChina with liquefied natural gas, officials said. The agreement, which represents the biggest foreign investment in Australia, is for PetroChina to buy 2.25 million tonnes a year over the next two decades from ExxonMobil's Gorgon gas field. "This agreement has enormous value for the Australian economy and society, generating the wealth we need to continue to develop our resources and technology, and sustain our communities," Resources and Energy Minister Martin Ferguson said late on Tuesday. The deal comes a week after ExxonMobil signed a 25 billion dollar contract with India's Petronet, and despite troubled recent relations between Australia and China over the detention of a mining executive. Foreign Minister Stephen Smith also told parliament on Tuesday that a "most unhappy" China had downgraded an official visit in anger at Australia's move to let exiled Uighur leader Rebiya Kadeer into the country. However, Ferguson said the liquefied gas deal was a "landmark in our relationship with China." "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. "PetroChina is an increasingly important partner in the Australian LNG industry and I hope the relationship will be long and successful." Share This Article With Planet Earth
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Weak China energy demand could dent oil prices: CGESLondon (AFP) Aug 17, 2009 Weaker Chinese energy demand could bring the recent oil price surge to an "abrupt end" as a credit squeeze hammers crude imports by the Asian powerhouse, energy consultancy CGES warned on Monday. Oil prices have jumped by about 20 percent over the past month on increased hopes of economic recovery and soaring Chinese crude imports. "If China's oil imports begin to flag, as seems to be ... read more |
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