China, Australia hail new gas terminal

The prime ministers of Australia and China hailed the opening of a multi-billion-dollar gas project as a symbol of the future of fast-expanding trade ties between the two nations.

Australia's John Howard and China's Wen Jiabao oversaw the opening of China's first liquefied natural gas terminal in the southern province of Guangdong, which will be supplied by Australian gas for the next 25 years. The contract, signed in 2002, involves an annual delivery of around 3.7 million tonnes of LNG and is worth A$25 billion (US$18 billion), making it Australia's largest single export deal.

The two nations also signed a deal during Wen's visit to Australia in April clearing the way for the sale of Australian uranium to China for its nuclear power industry. Australia holds about 40% of the world's uranium reserves. The two nations are also in negotiations over a free trade deal, which would be the first for China with a developed nation.

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