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Exxon, PetroChina ink $41 bln Australian gas deal

2009-08-19 08:52 BJT

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China and Australia signed their largest trade deal ever on Tuesday, as the world's two most valuable listed oil companies, Exxon Mobil and PetroChina, agreed on a 41-billion U.S.-dollar liquefied natural gas deal.

The deal will bring PetroChina's total LNG purchase from the Gorgon project, a massive LNG project located off western Australia, to a total of 3.25 million tons annually for 20 years.

Regulatory approval from the Australian federal government is expected to be forthcoming as early as next month. The Australian government says the sale is Australia's most valuable trade deal with China, adding that the agreement is a reflection of the strength of Australia's continuing trade and investment relationship with China.

Editor: Xiong Qu | Source: CCTV.com