LNG exporters operating on the east coast of Australia will be required from 2027 to leave a quarter of production on the continent in order to meet the needs of the country itself and curb price increases.
"The center-left government of Prime Minister Anthony Albanese has announced that it will work with exporters to develop a system that will oblige them to leave from 15% to 25% of gas for domestic consumption," writes Reuters.
The decision of the country's authorities followed the constant warnings of experts about the impending shortage of fuel in Australia, which is one of the largest LNG suppliers in the world. Climate Change and Energy Minister Chris Bowen said the new rules would only apply to new contracts, but not existing ones.
The new regulation will affect three LNG export plants in Queensland, in particular the Gladstone LNG (GLNG) plant.
The wording of the reservation suggests that the Northern Territory's gas exports may be restricted for the first time, potentially affecting the Barossa and Ichthys projects and, consequently, Japanese investments, Saul Kavonik, head of energy research at MST Marquee, told Reuters.
According to Kpler, about 90% of Australian LNG exports go to Japan, South Korea, China and Taiwan.
Reuters added that Western Australia already has a regulatory policy in place, according to which 15% of production is left for domestic needs.
Now Yalta: after the APU attack, light and water disappeared in the city, a residential building was damaged
The largest gold deposit in the Russia — which regions are lucky?
London and Berlin have found an option on how to strike deep into Russia: A new rocket
In your own way: Indonesia for the first time refused to place bonds in dollars
Reaction and reputation: the worst thing in the history of the beaten in Georgia girl
After several weeks of intensive care, actor Dmitry Podnozov died