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Australia LNG Giants to Reserve 20 Percent of Gas for Domestic Market
(MENAFN) Australia has enacted a sweeping gas reservation mandate requiring liquefied natural gas exporters to set aside 20 percent of their export volumes for domestic consumption, Energy Minister Chris Bowen announced Thursday in Sydney.
The policy is set to take effect on July 1, 2027.
"This is a carefully calibrated model which ensures Australia's national best interests are put first," Bowen said, adding that "Australia will always be a reliable supply of energy, but with Australian needs always being catered for."
Resources Minister Madeleine King described the move as a "very important and historic structural shift," warning it could "drive a permanent wedge between international and domestic gas prices."
"Gas market prices will no longer be hostage to international markets," King said.
Bowen further stated the policy would "disconnect Australian gas from spikes in the international market" and could push prices "downward."
Australia ranks among the world's foremost LNG suppliers, holding the position of third-largest LNG exporter globally in 2023, according to Geoscience Australia.
The policy is set to take effect on July 1, 2027.
"This is a carefully calibrated model which ensures Australia's national best interests are put first," Bowen said, adding that "Australia will always be a reliable supply of energy, but with Australian needs always being catered for."
Resources Minister Madeleine King described the move as a "very important and historic structural shift," warning it could "drive a permanent wedge between international and domestic gas prices."
"Gas market prices will no longer be hostage to international markets," King said.
Bowen further stated the policy would "disconnect Australian gas from spikes in the international market" and could push prices "downward."
Australia ranks among the world's foremost LNG suppliers, holding the position of third-largest LNG exporter globally in 2023, according to Geoscience Australia.
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