Australian Prime Minister Julia Gillard carried out the ground-breaking on the $34 billion Ichthys LNG project at the site of the planned liquefaction plant at Blaydin Point, near the port of Darwin in the Northern Territory, and contrasted the nation's LNG boom with the currency crisis gripping Europe.
The joint venture involving Japanese energy company Inpex, France's Total, and shareholders including foundation customers Tokyo Gas, Osaka Gas, Chubu Electric and Toho Gas, was cited by the PM as an example of Australia's resources boom at a time when Europe was undergoing a financial and economic crisis.
Gillard said the Ichthys project, one of eight LNG ventures currently being developed in Australia, was a "fantastic" opportunity for the Northern Territory.
"We can be confident about the Australian economy because there are so many investments like this one in the pipeline - more than $450 billion of investments," she said.
Quoting economic growth, low unemployment, low inflation, and a budget going into surplus amid the LNG projects, she said "this is truly a remarkable time in the Australian economy."
"It is a time for those who are big on optimism, big on vision and big of heart," with the Ichthys LNG project being part of a resources boom that is changing the nation, she said.
The Ichthys project will see feed-gas delivered from the Browse Basin offshore northwest Australia by an almost 900-kilometre subsea pipeline to Blaydin Point, where the plant will produce 8.4 million tonnes of LNG per annum for export to the Asia-Pacific region from 2016.
She said she understood that many Australians would be concerned by the news from Greece, and the high levels of unemployment in places like Spain, but added there were also "stresses and strains" from a high Australian dollar.
The high value of the currency is pushing up LNG project costs amid a shortage of skilled labour, given that there are so many projects taking place in the country at the same time.
