Removal of industry tariff to benefit LNG exports

Northern Territory Chief Minister Adam Giles has addressed the 3rd Korean Business Roundtable in Alice Springs, strengthening collaboration with this important Asian neighbour and trading partner, with a focus on LNG exports.

“It’s a pleasure to host these important Korean delegates in the Red Centre and talk them through some of the enormous opportunities that exist for investment in Northern Australia,” Mr Giles said.

“The Northern Territory is open for business and this year’s roundtable discussions have the potential to unlock new and expanded areas of engagement, especially given the recently signed Free Trade Agreement between Korea and Australia,” Mr Giles said.

“LNG exporters will see immediate benefits with the immediate removal of that industry’s 3 per cent tariff.”

Korean LNG-related companies are already closely linked to major projects in the Northern Territory.

“Korea is currently contributing to our economy through the petroleum industry. SK Group’s staged investment into the ConocoPhillips exploration acreage covering the Caldita/Barossa fields is worth up to $520 million (USD).

Depending on commerciality, gas from these fields could be piped back to Darwin to backfill Darwin LNG or supply a new LNG facility,” Mr Giles said.

“Korea is also currently constructing offshore facilities for both the INPEX Ichthys LNG and Shell Prelude Floating Liquefied Natural Gas projects which are respectively the largest of their types in the world.”