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Qld LNG exports reach new heights

Liquefied natural gas (LNG) exports through the Port of Gladstone reached a record 20.58-million tonnes in 2018, the Queensland Resources Council (QRC) has revealed, reaffirming the sector’s importance to the Queensland economy.

QRC CEO Ian Macfarlane said the data released by Gladstone Ports showed a new record, which eclipsed the previous record of 20.23-million tonnes, set in 2017.

“Queensland’s LNG sector is forecast to continue its record export growth that is being driven by an energy hungry Asia. China was again the largest customer, buying nearly 14.25-million tonnes, followed by South Korea at 3.22-million tonnes, while Japan imported 1.6-million tonnes,” Macfarlane said.

“The world wants our commodities and, over the 12 months, Queensland LNG was exported to seven different countries, including China, South Korea, Japan, Malaysia, Singapore, the United Arab Emirates and the Philippines.”

Macfarlane noted that China’s demand for Australian LNG in 2017 accounted for 57% of total exports, but in 2018 accounted for 69%.

Data from the Office of the Chief Economist’s latest report indicated that China plans to increase the share of gas in its energy mix from 7% to a range of 8% to 10% by 2020.

“The same report found Australia had become the world’s largest single gas exporter, ahead of Qatar, and is on track for yearly exports of 77-million tonnes.

“LNG is likely to play a major role in servicing the rising Chinese gas demand, with the country’s LNG imports forecast to reach 53-million tonnes or 73-billion cubic metres in 12 months,” Macfarlane said.

QRC’s current economic data shows the oil and gas industry delivered an A$8.2-billion economic contribution in 2017/18, supported more than 39 000 full-time employees across the state and invested A$3-billion with businesses locally and community organisations.
Source: Creamer Media Reporter

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