Australia signs biggest ever resource deal with ChinaAugust 19, 2009 - 8:53PM
Australia has secured its biggest ever resources deal by signing a $50 billion agreement to supply liquefied natural gas to China.
The gas will come from the Gorgon development off the West Australian coast and comes a week after a $25 billion deal to supply gas to India, also from Gorgon.
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 the unprecedented export deal confirmed Australia's importance as a global energy superpower.
"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," Mr Ferguson said in Beijing.
"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.
50 billion $ lng contract with china
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