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Australian gas rush set to overhaul Qatar SYDNEY: Australia is set to become the world's biggest liquefied natural gas producer, with analysts predicting it will overtake Qatar by 2020 as it unlocks reserves that could last more than a century. Seven of the world's 10 major LNG projects are under construction Down Under, with Aus$176 billion (US$183 billion) of private Australian and foreign investment in gas projects since 2007. "The projects already under development will take us ahead of Qatar. It's just a case of when that happens," Wood Mackenzie analyst Chris Graham told AFP. Analysts expect Australia to pip the small Gulf emirate, which holds the world's third-largest gas reserves and last year saw LNG production capacity rise to 77 million tonnes per annum (mtpa), by 2020. But the government is hoping it reaches the target sooner, with China's demand for LNG growing by almost one-third last year, while India's import capacity was projected to triple by 2015. Australia is already ...

BHP says to invest $845m in Australian coal  SYDNEY: BHP Billiton , the world's largest miner, said on Friday it had approved an $845 million investment to establish a replacement mining area at the Appin Mine in Australia's New South Wales state. The area will have a production capacity of 3.5 million tonnes per year of metallurgical coal from 2016, replacing production at the West Cliff Mine, BHP said in a statement. Copyright Reuters, 2012 ...
ADELAIDE: Chevron Corp has signed a preliminary agreement to sell Japan's Tohoku Electric one million tonnes of liquefied natural gas per year for 20 years, the US oil major said on Sunday. The gas will come from its Wheatstone plant in Australia, Roy Krzywosinski, Chevron Austalia's managing director told reporters in Adelaide, adding that with this sale more than 80 percent of the gas from the 8.9 million tonnes per year (mtpa) Wheatstone project had been ...
NEW YORK: Brent crude oil futures dropped for the fifth straight day on Tuesday as post-election uncertainty in Greece deepened Europe's political and economic turmoil and worries about growing US crude inventories persisted, both adding to oil demand concerns. In London, ICE Brent crude for June delivery settled at $112.73 a barrel, down 43 cents, or 0.38 percent, the lowest Brent front-month settlement since Feb. 2. In five days, Brent front-month crude has fallen $6.93, or ...
PERTH: Australia's largest oil and gas company, Woodside Petroleum, said it is very close to exporting liquefied natural gas (LNG) from its flagship project and the nation's No. 2, Santos, reported higher first-quarter output, sending shares of both companies higher on Thursday. Woodside is gearing up its Pluto LNG project to load its first export cargoes in the "coming days," Woodside said in its March quarter production report on Thursday. The flagship A$14.9 billion ($15.47 billion) Pluto ...
US crude prices strengthen on economic optimism PERTH: US oil futures inched up in Asian trading on Thursday as strong US economic data, signalling a recovery in the world's largest economy and supply worries spurred by tensions over Iran's nuclear programme supported oil prices. In London, Brent crude was flat on Thursday, pressured by a fragile economic recovery in Europe, which is lagging the United States and Asia. "I am still bullish about the oil price in the short-to-medium term with demand ...
Australia MELBOURNE: Woodside Petroleum said it was considering selling a small stake in the huge Browse liquefied natural gas project in Australia, after receiving approaches from several firms. "In response to significant interest from a number of parties, Woodside is conducting a limited process to assess the potential sale of a minority portion of the company's equity in the development," the company said in a statement ot the stock exchange. The company put out the statement after The ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln