Landmark $90 billion gas deal

ORIGIN Energy and ConocoPhillips have announced a landmark gas export deal with China's Sinopec worth $90 billion.

Australia Pacific LNG and China's Sinopec Corporation at the contract signing agreed to supply up to 4.3 million tonnes of LNG per annum for 20 years.

The APLNG project involves the development of Australia Pacific LNG’s substantial CSG resources in the Surat and Bowen Basins; building a 450 km transmission pipeline; and construction of a multi-train LNG facility on Curtis Island.

Origin chief executive Grant King, Federal Resources Minister Martin Ferguson and ConocoPhillips production and exploration chief, Ryan Lance were at the announcement in Brisbane a short time ago.

Queensland Finance Minister Rachel Nolan said the potential impact this project will have on jobs and Queensland's regions in particular is enormous.

"On a state level, APLNG estimate the project could stimulate an increase in Queensland's Gross State Product of approximately $2 billion per annum," Ms Nolan said.

According to APLNG, at its peak this project will be responsible for approximately 6000 direct jobs in construction, with approximately 1000 direct jobs in the operational phase of the project.

The APLNG estimates put the annual contribution to the economy of the Darling Downs and South West region at up to $900 million during operation, while the economy of the Mackay-Fitzroy-Central West region could see an increase of up to $770 million a year during the construction phase.

In February, APLNG said the company will pursue high environmental, community consultation and development standards not only during the construction period but also throughout the ongoing operational life of the project.

LNG exports from the APLNG project are expected to commence in 2015.

Sinopec (China Petrochemical Corporation) is the world's second-largest oil refiner (by refining capacity), and China's largest petroleum/chemicals producer and supplier.
 



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