LNG exports in Australia’s eastern state of Queensland could double its economic growth from 2015 - 16, the state’s Treasurer Tim Nicholls said on Tuesday.
“In 2015 - 16, the ramp up in LNG production is expected to underpin a surge in exports which, combined with an improved domestic economy, is forecast to boost economic growth to an 11–year high of around 6%. This will be the highest in the nation,” Nicholls said.
“The Queensland economy is of course in a period of transition as the investment phase of the large LNG projects nears completion and the production and export of LNG begins. The transition is, in effect, the quantitative handbrake that constrains the headline growth rate in 2014 - 15,” added Nicholls.
There are currently three LNG export projects being built on Curtis island, Queensland estimated to cost in the region of AU$ 60 billion. The three projects, which will have a combined export capacity of 25 million tpa, are: the QCLNG project operated by BG Group; Santos GLNG; and Conoco Phillips’ APLNG project.
Edited from various sources by Ted Monroe
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