Australia, China Sign Multibillion Dollar Natural Gas Deal

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Last updated at: (Beijing Time) Friday, October 18, 2002

Australia, China Sign Multibillion Dollar Natural Gas Deal

Australia and China on Friday signed a multibillion dollar 25-year natural gas supply contract ---Australia's biggest-ever foreign trade deal.

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Australia and China on Friday signed a multibillion dollar 25-year natural gas supply contract -- Australia's biggest-ever foreign trade deal.

China announced in August this year that Australia's Northwest Shelf Venture consortium had won the contract, worth up to 25 billion Australian dollars (US$13.75 billion).

Australian Industry Minister Ian Macfarlane hosted the signing ceremony between officials from the Northwest Shelf group and China's State Development Planning Commission and its National Offshore Oil Corp.

"The signing of the contract marks the beginning of a long-term partnership with the Chinese on energy and builds on our existing successful trade and investment relationship," Macfarlane said.

Starting from 2005, the Northwest Shelf group is to ship 3 million metric tons (3.3 million short tons) a year of liquefied natural gas to a terminal in Guangdong province of southern China.

The gas will come from the rich Northwest Shelf fields off the coast of Western Australia state.

Source: agencies

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