Regional LNG: NWS venture to assist in developing China?s natural gas and LNG industry
Friday, October 24 2003 - 08:34 AM WIB
The Fund is a joint initiative of North West Shelf Australia LNG (on behalf of the North West Shelf Venture), and the Western Australian and Australian Governments. It is aimed at providing opportunities for training, research and technology transfer between the people of China and Australia in the natural gas and Liquefied Natural Gas (LNG) industry.
According to a statement from Woodside Energy Ltd, the Fund will provide A$25 million over the next 10 to 11 years to support a range of activities, including grants, industry partnerships, and training and education opportunities.
The statement said that the North West Shelf Venture is contributing A$10 million to the Fund.
?We are very proud to be playing our part in creating a greater depth of partnership between Australia and China following our historic LNG supply contract with the Guangdong LNG project,? said John Banner, North West Shelf Australia LNG President.
On 8 August 2002, China announced the selection of Australia LNG as the sole supplier of LNG to Guangdong, China?s first LNG project. This announcement was cemented on 18 October 2002, with the signing of a 25-year LNG sale and purchase agreement between the North West Shelf LNG Sellers and the Guangdong LNG project proponents.
The Chinese Government recently approved the Feasibility Study Report for the Guangdong LNG Project, which provides for the supply of 3.7 million tonnes a year of LNG and is currently anticipated to start in mid-2006.
The Fund was offered in conjunction with North West Shelf Venture's successful bid for the Guangdong LNG supply contract.
North West Shelf Australia LNG is the LNG marketing services organisation for the North West Shelf Venture and markets LNG in China under the Australia LNG brand.
The six equal participants in the North West Shelf Venture are: Woodside Energy Ltd (Operator); BHP Billiton Petroleum (North West Shelf) Pty Ltd; BP Developments Australia Pty Ltd; ChevronTexaco Australia Pty Ltd; Japan Australia LNG (MIMI) Pty Ltd; and Shell Development (Australia) Proprietary Limited. (*)