Australia in $82 billion gas deal with Japan

According to the Associated Foreign Press, Australia has welcomed a 90 billion dollar deal to supply liquefied natural gas (LNG) to a Japanese power company in what is believed to be the country''s biggest export sales contract. Western Australia state Premier Colin Barnett said the long-term gas sales agreement between Chevron and the Tokyo Electric Power Company would see 4.1 million tons of LNG sent to Japan each year. The premier said the latest deal indicated the massive change underway in the resource-rich state''s economy, which is aiming to position itself as a major source of LNG to Asia''s burgeoning economies. Chevron, Shell and ExxonMobil agreed to develop the Gorgon field, the world''s largest LNG plant, which along with other LNG projects planned for the Western Australia and Queensland over the next decade could see Australia challenge Qatar as the world''s major gas exporter. The gas is liquefied for shipping abroad, where it is turned back into gas and distributed via a pipeline.