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AFX Asia (Focus): Australia’s Woodside signs LNG export deal with Tokyo Gas, Kansai Electric

Published: Aug 24, 2007

SYDNEY (Thomson Financial) – Woodside Petroleum Ltd, Australia’s largest oil and gas producer, has signed a multi-billion-dollar deal to export liquefied natural gas (LNG) to Tokyo Gas Co and Kansai Electric Power Co Inc of Japan, Woodside said Friday.

Woodside will supply the Japanese companies with up to 3.75 million tonnes of LNG per year from its Pluto project in northwestern Australia. The deal is for 15 years, starting in late 2010.

Tokyo Gas and Kansai Electric have stakes of five percent each in the Pluto project.

Last month, Woodside’s board approved spending of 11.2 billion Australian dollars on the development of the Pluto project.

The Royal Dutch Shell group owns 34 percent of Woodside.

(1 US dollar = 1.22 Australian dollars)

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