Australia has given environmental clearance to the Gorgon gas project, advancing a massive energy development that could vault the country into second place behind Qatar for exports of liquefied natural gas (LNG) while unlocking about 40 trillion cubic feet of gas resources. The project's backers, Chevron, Royal Dutch Shell and Exxon Mobil, are to decide within the next few months whether to invest about A$50 billion (Ch154bn) in Gorgon, which would be Australia's biggest resources development.
If and when completed, the massive project would produce up to 15 million tonnes per year of LNG from several gasfields off the coast of Western Australia, boosting the country's output of the supercooled gas by roughly 75 per cent from last year's level of about 20 million tonnes. The project partners, which are marketing their gas separately, have so far signed long-term agreements to supply as much as 6.5 million tonnes per year of LNG to customers in China, Japan, South Korea and India. Last week, Exxon Mobil agreed to sell 2.25 million tonnes of LNG per year to China for 20 years for a total value of A$50bn in what was hailed as Australia's biggest trade deal.
That provided a crucial boost for Gorgon, which is facing competition from about a dozen other LNG projects that are targeting the expanding Asia-Pacific gas market. Several are racing to sign up customers with a view to coming on-stream in 2014-15.
tcarlisle@thenational.ae
Company%20profile
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SPECS%3A%20Polestar%203
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'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
MATCH INFO
Rugby World Cup (all times UAE)
Third-place play-off: New Zealand v Wales, Friday, 1pm
Final: England v South Africa, Saturday, 1pm
The%20specs
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Company%20Profile
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
COMPANY%20PROFILE
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
COMPANY%20PROFILE
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COMPANY%20PROFILE
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
PRIMERA LIGA FIXTURES
All times UAE ( 4 GMT)
Saturday
Atletico Madrid v Sevilla (3pm)
Alaves v Real Madrid (6.15pm)
Malaga v Athletic Bilbao (8.30pm)
Girona v Barcelona (10.45pm)
Sunday
Espanyol v Deportivo la Coruna (2pm)
Getafe v Villarreal (6.15pm)
Eibar v Celta Vigo (8.30pm)
Las Palmas v Leganes (8.30pm)
Real Sociedad v Valencia (10.45pm)
Monday
Real Betis v Levante (11.pm)
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
Racecard
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