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Chinese, American money vital to Gladstone LNG

PREMIER Campbell Newman wants to bring US President Barack Obama and Chinese President Xi Jinping to Gladstone to show them how their two countries are working together.

Mr Newman said Chinese and American money was vital to the LNG port's development - and was an example of the two global powers working alongside one another.

"Because China and the US are involved essentially, money from both those countries, and Australian money, is involved in the massive liquid natural gas export terminal there," he told radio 4BC yesterday.

"So often people talk about China and America butting up against one another. This is an example where they're working together for mutual benefit to power the cities of Asia."

Gladstone Industry Leadership Group CEO, Kurt Heidecker said the world leaders should come to see the how the community worked closely with industry.

"They have refineries, gas plants and manufacturing in their countries - they don't need to see that," he said.

"What we do really well here is a good blend of a community, industry and environment."

Both countries have significant interest in the Gladstone region, with billions of dollars tied up here.

AMONG THE INVESTMENTS:

USA:

  • Conoco Phillips, based in Houston, Texas, owns 37.5% of the $24.7 billion APLNG project
  • Bechtel, the USA's largest private company, also based in Houston, is building all three LNG plants on Curtis Island

China:

  • The China National Offshore Oil Corporation (CNOOC) owns 50% of train 1, and 25% of QGC's tenements in the Surat Basin; part of the $23.2 billion QCLNG project.
  • Sinopec (China Petrochemical Corporation) owns 25% of the APLNG project.

Topics:  barack obama campbell newman chinese investment curtis island gas lng resources



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