Gorgon Agrees on Another $10 Billion LNG Deal

The Deputy Prime Minister and Minister for Trade, Mark Vaile, today (22 November) welcomed the announcement by Chevron Australia that it has signed a $10 billion LNG deal with a Japanese electricity utility company, in this case Chubu Electric.

"Today’s announcement by Chevron Australia is in addition to an $8 billion deal announced last month and is further evidence of the tremendous value resources exports bring to the Australian economy, as well as the dynamism of the Australia-Japan energy relationship," Mr Vaile said.

"This is a deepening partnership which has consistently delivered a win-win outcome for both sides."

"Chevron’s agreement with Chubu Electric represents a broadening of the Japanese involvement with the Gorgon Project, and provides clear evidence of the strength of the Japanese economy."

"As with the deal announced by Chevron in October this year, I very much welcome the news that these two parties are discussing the potential sale and purchase of an equity interest in the Gorgon Project."

"I congratulate Chevron Australia and Chubu Electric on the far-sighted partnership they have announced today".

Mr Vaile said Japan has been Australia’s largest export market for almost 40 years, with over $25 billion worth of Australian product exported to Japan last year

"The LNG supply deal underlines the potential benefits of further integration between our two economies, as is currently being explored through our feasibility study into a bilateral Free Trade Agreement," he added.

"The evidence just continues to grow that an FTA between Australia and Japan would deliver enormous mutual benefits."

Contacts: Richard Forbes 02 6277 7420