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International Herald Tribune: Shell, PetroChina in conditional deal on LNG from Australia’s Gorgon project

The Associated Press
Published: September 4, 2007

MELBOURNE, Australia: Royal Dutch Shell PLC signed a conditional agreement with PetroChina Co. to sell 1 million metric tons of liquefied natural gas a year from the Gorgon project off the coast of Western Australia.

Shell, the second largest oil and gas company by revenues, said the agreement covers a 20-year period and is conditional on the Gorgon partners reaching a final investment decision on the project.

The pair will work on concluding a detailed LNG sales and purchase agreement before December 2008, Shell said.

“Shell is delighted to have secured this strategic agreement with PetroChina, which sets a new benchmark for LNG supplies into China and underlines Shell’s commitment to Chinese LNG customers and to the Gorgon project,” Shell Gas and Power Asia Executive Vice President Jon Chadwick said in a statement.

Chadwick and PetroChina Vice President Sun Longde signed documents on the agreement Tuesday at a ceremony in Perth.

The signing ceremony was attended by Ma Kai, chairman of China’s main planning agency, the National Development & Reform Commission, and Western Australian Premier Alan Carpenter.

http://www.iht.com/articles/ap/2007/09/04/business/AS-FIN-China-Australia-Shell-LNG.php

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