Tuesday, January 5, 2010

Kev'n. His world is falling apart... first Copenhagen, now this:

Energy giant PetroChina Co. Ltd. has pulled out of a $40 billion deal to buy natural gas from a project off Australia, leaving Woodside Petroleum Ltd. looking for new customers.

Reasons for letting the preliminary agreement lapse were not given, but analysts said Tuesday it was probably because PetroChina had become dissatisfied with the cost in the two years since the deal was signed.

Woodside informed Australia's stock exchange on Monday that an early stage agreement for the Browse Basin liquefied natural gas project off Western Australia state had not been settled by a Dec. 31 deadline and had now lapsed.
More here.

Thanks Egg!


Egg said...

Close on the heels of the Rio Tinto debacle; how's Kevni's poofoo valve these days?

Wand said...

Kae/Egg - thanks for the story.

Never mind the natural gas deal going down the gurgler, the planet is still warming and we'll have out ETS in spite of Arctic freeze and snow wreak havoc across the planet .

Back to Australia: Garrett said, "[Abbott's] false and misleading claim [that the global warming has stopped] is today shown to be completely at odds with the rigorous scientific findings of the independent experts at the Bureau of Meteorology." Oh yeah sure! And who thinks our Bureau of Meteorology is any better than the UK Met office ?

And whilst we all know that weather isn't climate, that is unless the weather 'shows' a warm temperature. I smell fraud!

But actually the LNG deal off is not good news for Australia and even though the story says that PetroChina is shopping elsewhere, I wonder if this is true. However it could be the 'good old Chinese Communist Party' just going about its business. In which case, thanks Kevni.

Egg said...

Thanks, Wand, been following yours and others commentary on Garrett's statement at TimB's; looks like the Chinco's are tough dealers on the global commodities markets' price fluctuations, as experienced by our iron ore and now gas producers.