David LLewellyn Smith, Macrobusiness.com contributor & founder, about

EnergyAustralia, Australia’s third-largest energy retailer, agreeing on Wednesday to buy gas from a liquefied natural gas (LNG)import terminal planned by a Japanese-backed joint venture… in the first of several deals needed for the project to go ahead.

 

The Port Kembla LNG terminal is one of five proposed LNG import terminals that could help meet a looming gas shortage in southeastern Australia, even as the country is set to become the world’s top LNG exporter.

 

EnergyAustralia is the first customer to sign up to buy gas from Port Kembla, to be operated by a joint venture called Australian Industrial Energy (AIE) consisting of Japan’s JERA and Marubeni Corp and mining magnate Andrew “Twiggy” Forrest’s Squadron Energy.