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China’s $7.2bn LNG Deal Boosts Gorgon ProjectCHINESE energy giant PetroChina has given the stalled Gorgon liquefied natural gas project off Western Australia a much-needed confidence boost by signing a 20-year supply contract worth $7.2 billion. The big-dollar contract is one of many resource supply deals to be signed with fanfare on the coat tails of the visit to WA of Chinese President Hu Jintao, before he heads for Sydney to attend the Asia-Pacific Economic Co-operation Forum summit. The deal with PetroChina was brokered by 25 per cent Gorgon partner Shell. Gorgons other partners are Chevron with 50 per cent and ExxonMobil with 25 per cent. Actual LNG deliveries under the heads-of-agreement signed in Perth yesterday remains dependent on Gorgon actually being built. Gorgon was planned as a 10-million-tonnes-a-year LNG project that would cost about $10 billion and with first production in 2010. But the Chevron-led joint venture is now looking at a 15-million-tonnes-a-year plant that would cost upwards of $15 billion. No firm date for a final investment decision or first production has been given. The deal with PetroChina envisages annual deliveries of 1 million tonnes of LNG from Shells equity apportioned share of production. If Gorgon is to stay at 10 million tonnes a year, its output is all but sold. But more sales will need to be locked up if the push to a 15-million-tonnes-a-year rate takes hold. The PetroChina deal was nevertheless considered important on several counts, the most notable being that the Chinese have acknowledged they can no longer hope for the type of cut-price LNG deal that China National Offshore Oil Corp secured in 2002 with the Woodside-managed North-West Shelf project. Shell is a 34 per cent Woodside shareholder and a one-sixth partner in the project. It also provides tacit endorsement of the notion that Australia is set to benefit from a jump in demand for LNG in coming decades and that overseas customers need to be making early contract commitments if they are to secure long-term supplies. Shell said yesterday the agreement with PetroChina "constitutes a milestone in the development of LNG supplies to China". Shell also noted that the deal "sets a new benchmark for LNG supplies into China". President Hus visit to WA also took in Rio Tintos potentially revolutionary HIsmeltiron-making plant in Kwinana, south of Perth. Rio and Chinas Sinosteel also took the chance yesterday to renew agreements covering their Channar iron ore joint venture in the Pilbara. The pair have agreed to negotiate an extension to the original 1987 Channar joint venture agreement. http://tinyurl.com/2lerwe Tag CloudExternal InformationAdditional InformationEditor Interviews Self on Murdoch...John Lewis shocks retailing with worst sales fall for year... ’Lucky’ stock sale may bring down Godzilla... Freeport-McMoRan Profit Soars as Metal Prices Surge... Where Am I?News Main Page - Business - China’s $7.2bn LNG Deal Boosts Gorgon Project |
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