Australian PM John Howard In China For Gas Deal
Australian Prome Minister John Howard has gone to China in an attempt to negotiate higher sale prices for Australian exported Natural Gas.
The PM will meet Chinese Premier Wen Jiabao to renegotiate the 2002 agreement worth $25 Billion to Australia, whose massive offshore gas reserves are hugely attractive to an energy hungry China.
It seems the Australians allowed themselves to be beat down in price with the deal reflecting LNG sales to China equal to roughly $25US per barrel.
Since 2002, demand for Natural Gas has increased massively with prices soaring to the equivalent of $75 US per barrel.
Anyone want to bet on the chances of the Australians getting a 300% price increase?
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