Ann: Partnership with Pilbara Clean Fuels, page-29

The release says the plant will provide bunkering LNG for Iron ore carriers . In 2002 ther were only 175 LNG powered vessels world wide ( not inluding the approx 600 LNG carrying vesseles.) BHP charter 6 LNG powered iron ore bulk vessels and have a LNG bunkering supply contract with Shell. The incentive for operators to move towards LNG powered vessels is cost and emission driven .I would not imagine that it would be cost effective to retrofit existing fleets from Diesel/oil to LNG so we are looking at newbuilds. An average build time for a newcastle type iron ore vessel is 14 months, so it is not a rapid changeover . I think this release has been about identiying a future new market and getting in at early stage with a company with a proven record in this bunkering LNG fuel system. I think the changeover will occur but its is a way off as will be the sales of NWE gas into this market .