China and Australia Sign Multi-Billion Dollar Gas Deal

The China National Offshore Oil Corporation (CNOOC) has reportedly signed a deal to import up to AUD$80 billion (USD$73 billion) in natural gas from Australia. As demand for energy grows in China, it is expected Australia will supply much of this increase.

Earlier this month, CNOOC signed $3.1bn (£2.1bn) for a 50% stake in Argentine oil and gas group Bridas Corporation.

Source: BBC News

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