According to The Australian Financial Review, the Andrew Forrest-backed NSW gas import terminal proposed for Port Kembla will have its regulatory approval period fast-tracked by six to eight months, after the state government declared it a critical infrastructure project because of its importance for energy security.
The decision is "a powerful demonstration of the Berejiklian government's commitment to solving the state's critical gas security challenges", Mr Forrest said on Sunday, noting LNG imports were targeted to start arriving at the $200 million-$300 million terminal in early 2020.
"Australian manufacturers have asked us to work with them to solve their future gas supply issues and skyrocketing prices, which threaten their viability."
The Port Kembla Gas Terminal, which is partly owned by giant LNG buyer JERA of Japan, has now inked 15 initial gas sales agreements with customers keen to lock in supplies of gas, even though prices have been indicated at about $10 a gigajoule, more than double historical rates.
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