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The Times: Need to know: Natural resources

October 11, 2007

Natural resources

ExxonMobil and Shell, the oil and gas giants, have welcomed the formal environmental clearance given by Australia which will open the way for tens of millions of tonnes of liquefied natural gas to flow into China. The two companies are project partners who had signed a deal in principle last month to supply more than A$7 billion (£3 billion) worth of gas from the Gorgon project to PetroChina.

Total, the French oil group, said that it wants to to “build up” its partnership with Gazprom, the Russian energy giant, but refused to comment on whether it will acquire an equity stake in the Russian group.

UK Coal, the UK’s biggest colliery, received a boost after its owner unveiled a new five-year supply contract with E.ON, the German power generator. UK Coal said the agreement would account for a significant element of annual production at Daw Mill near Coventry.

Highland Gold Mining, the Russian group, said that it had successfully won an extension to 2010 of the operating licence for its Mayskoye deposit, which was due to expire at the end of this year.

http://business.timesonline.co.uk/tol/business/markets/article2633882.ece

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