An LNG industry will offer billions of dollars of investment in Queensland and boost its economy, premier says
A Liquefied Natural Gas (LNG) industry will offer billions of dollars of investment in Queensland and boost its economy, according to Premier Anna Bligh.
Addressing an estimates hearing in parliament yesterday, Bligh described LNG as “liquid gold” and predicted a boom similar to when coal took off in the 1970s and 1980s in the Bowen Basin.
A recent government study claims an LNG industry may increase the State’s economy by 8.3 percent.
Currently there are proposals for seven LNG plants to be built around the Gladstone area, and one at Abbot Point near Bowen, but Bligh says the economic benefits of the projects will also reach the south west and the Darling Downs.
“Growth of this nature in these regions is very exciting, especially knowing our state’s current annual growth projection is for 0.5 percent and the nation is showing no growth,” Bligh says.
“Rapid development of the Surat and Bowen basins in the past few years means we can potentially have a high-range LNG export industry of 40 million tonnes a year as well as supplying domestic power stations until at least 2050.
“This is an exciting time. We are on the cusp of something very special.”