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Australia signs record trade deal with China

The Australian government announced on Wednesday a record 50 billion Australian dollar (41.3 billion U.S. dollar) gas deal with China.

PetroChina has agreed to buy liquefied natural gas from Exxon Mobil's yet-to-be developed Gorgon project in Western Australia, making it Australia's biggest-ever export contract.

Australian Federal Minister for Trade Simon Crean hailed the agreement as the single biggest trade deal in Australia's history.

"But it is the great deal from China in terms of a clean-energy source," he said, adding that Australia had a huge comparative advantage in clean energy.

The Gorgon plant would be "world leading" in terms of carbon capture and storage.

"We're not just selling the gas, we're also selling the technology," Crean added.

"This is another example of the importance of the inter-relationship between Australia and China."

 Source : Xinhua  Editor: Ivy
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