Inpex Gas Project May Add $3.1 Billion a Year to Australian GDP
Inpex Corp., operator of the proposed Ichthys natural gas project in northern Australia, said it expects the venture to contribute A$3.5 billion ($3.1 billion) a year to the nation’s gross domestic product.
Construction of the $20 billion development will last five to six years once Inpex and partner Total SA decide to proceed with the plan, Japan’s largest energy explorer said in an environmental impact statement today.
Ichthys, among more than a dozen planned liquefied natural gas projects in Australia aimed at tapping growing Asian demand for cleaner-burning fuel, is designed to produce 8.4 million metric tons of LNG a year, Inpex said. The Tokyo-based company in May delayed a final investment decision until as late as the fourth quarter of 2011, without giving a reason.
Inpex intends a $6.6 billion share sale to finance the project, it said this month. Inpex fell to a record low in Tokyo after announcing the plan.
A public comment period for the environmental impact statement closes Sept. 10, according to the documents released today. Approvals from both Australian and Northern Territory regulators are needed before the venture can go ahead.
The Australian government has deferred by three months until October decisions on whether to approve LNG projects proposed by Santos Ltd. and BG Group Plc. While Queensland state cleared the ventures, it raised concerns about their environmental impact.
Thursday 15 July, 2010
Bloomberg
http://www.businessweek.com/news/2010-07-14/inpex-gas-project-may-add-3-1-billion-a-year-to-australian-gdp.html
