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Australia secures landmark Indian gas deal

Australia secures landmark Indian gas deal

Sydney: An Australian company has signed a landmark agreement to export liquefied natural gas to India.

The Australian Government has welcomed the deal, hailing it as the dawn of a new trading relationship for Australia.

ExxonMobil and Petronet have agreed 1.5 million tonnes of liquefied gas (LNG) will be supplied to India each year for the next 20 years.

Petronet LNG, a fast growing company in the Indian energy sector, has set up the country's s first LNG receiving and regasification terminal at Dahej, Gujarat, and is building another terminal at Kochi, Kerala.

The gas will come from the Gorgon development on Western Australia's North-West Shelf.

The Resources and Energy Minister, Martin Ferguson, says the deal brings the Gorgon project closer to fruition.

He said: "It's not only important to Gorgon - a potential $50 billion investment in Australia - it represents Australia's first ever longterm LNG contract with India."  [11/08/09]