Japan Inc to back Australian Industrial Energy project

By Sophie Chapman
Australian Industrial Energy, and liquefied natural gas (LNG) project, aims to import gas to New South Wales. The Australi...

Australian Industrial Energy, and liquefied natural gas (LNG) project, aims to import gas to New South Wales.

The Australian billionaire and former CEO of Fortesque Metals Group, Andrew Forrest, has formed a joint venture with Japan Inc to fund the consortium.

The Japanese firms include Marubeni and JERA, the joint venture between Tokyo Electric Power Co and Chubu Electric Power Co, and the world’s biggest LNG buyer.

SEE ALSO:

The project aims to annually deliver 2mn tonnes of LNG to Australia’s east coast from 2020, in order to manage rising exports and lower production.

Australian Industrial Energy will be led by James Baulderstone, who previously worked for Santos Ltd, the oil and gas company.

"We have yet to complete the final feasibility studies, investment decision and regulatory approvals but it is already clear that this virtual pipeline provides the capability of accessing the world's most affordable gas and bringing it to the east coast market," Mr Baulderstone told The Australian Financial Review in confirming his leadership of the AIE project.

“Given the partners involved and their world leading expertise and capabilities, the project is very well placed to deliver firm, long-term gas and power supply to industry and the energy market at highly competitive prices and terms,” he added.

Share

Featured Articles

ABB scoops global energy automation technology award

ABB excels in innovating subsea systems and electrification services and providing underwater control solutions according to Frost & Sullivan

INEOS Köln awarded €770,000 for green hydrogen study

State funding will support feasibility study for the construction of 100MW water electrolysis plant for green hydrogen at the INEOS site in Köln

UK receives £2.7bn upfront funding to boost grid capacity

Ofgem's proposed package totals £20.9bn as part of its five-year vision to build reliable and clean energy

Poland and Germany best placed for gas-to-coal switch

Oil & Gas

Leclanché fire retardant additive cuts battery fire risk

Renewable Energy

DP World receives first all-electric terminal tractor

Sustainability