|11-06-2014, 08:40 AM||#1|
Australia to overtake Qatar as the world`s largest LNG exporter
Australia is to become the largest exporter of liquefied natural gas (LNG) in the world in four years, according to HSBC.
“Australia is set to overtake Qatar to become the largest exporter of LNG in the world,” HSBC’s Downunder Digest said.
A report by HSBC showed LNG will become Australia’s second biggest export behind iron ore, overtaking coal, and will be a significant contributor to economic growth.
The boom in gas will begin next year, with LNG export volumes to rise 70% in 2015 and 2016, and are expected to increase by an average rate of 42% a year to 2018.
The gas boom will come from seven new projects that are currently being built across the country, with a big part of the boost coming from Western Australia’s Gorgon plant and the QCLNG plant in Queensland.
The main countries that will receive the supplies will be led by China, Japan and India.
Also, the increase in production will add 0.7 percentage points to gross domestic product (GDP) growth for each of the next three years.
However, the LNG producers in the country are mostly foreign-owned, which means much of the profits from the plants will go abroad, but government tax revenues will increase, as exporters of LNG pay state royalties in addition to corporate tax.
Another negative issue is the effect this will have on the Australian local market, as supply will be shifted to export facilities rather than local provision.
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