LNG

Australian Industrial Energy, a company controlled by billionaire businessman Andrew Forrest, has signed a site lease for up to 25 years with New South Wales Ports for the Port Kembla Gas Terminal project to handle LNG shipments and resolve gas shortages in the region.

Australian billionaire Andrew Forrest's Squadron Energy has bought Japanese investors out of the Australian Industrial Energy joint venture formed to develop an LNG import project in New South Wales at Port Kembla, south of Sydney, and will speed ahead on its own.

Australian natural gas producer, Po Valley Energy, whose subsidiary owns three onshore Italian gas fields near the cities of Milan and Bologna, has reached a provisional agreement with United Oil and Gas, holder of assets in the UK Wessex Basin, to sell it a stake in a fourth Italian field located in the Emilia Romagna region.

Australian oil and gas exploration and production company Po Valley Energy is moving ahead with plans to compete with LNG in Italy by setting its initial public offering date in London for around February 24 when it will sell shares in a spin-off developing onshore Italian natural gas.