Natural Gas Sales Agreements Signed Between China, Australia

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Last updated at: (Beijing Time) Saturday, October 19, 2002

Natural Gas Sales Agreements Signed Between China, Australia

liquefied natural gas (LNG) sales and purchase agreements between China and Australia signed Friday in Canberra, Australia.

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liquefied natural gas (LNG) sales and purchase agreements between China and Australia signed Friday in Canberra, Australia.

The agreements worth 13.75 billion US dollars is the biggest inAustralia's history of business.

According to the agreements, the North West Shelf Venture of Australia will sale 3.3 million tons of LND a year for 25 years starting from 2005 to China's Guangdong province.

Australian Industry Minister Ian Macfarlane attended the signing ceremony on behalf of Prime Minister John Howard who is inBali. Macfarlane hailed the event as a clear proof of the mature relationships between Australia and China.

The minister announced a 25 million Australian dollars (14 million US dollars) Australia-Gas Technology Partnership Fund to boost the China's energy relationship with Australia. "It demonstrates our desire for a long-term partnership between China and Australia on energy," he said.

Zhang Guobao, deputy chairman of the Chinese government's planning committee said the future of cooperation between China anAustralia in the energy resources field is bright. The Chinese government has decided to largely expand the energy sector while Australia possesses rich resource of gas, he added.

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