The owners of Senex say the Albanese government’s market intervention means it is now not possible to sign up buyers for the fuel it could sell in the state.
A $1 billion gas project that had attracted interest from customers wanting more than five times the volume of gas initially on offer is on hold after its owners, including billionaire Gina Rinehart, declared the government’s intervention in the gas market made it “impossible” to sign up to new gas sales contracts.
Industry Minister Ed Husic rejected warnings of reduced investment as “shallow” and “not believable”. The government’s gas measures, rushed through both houses of parliament last Thursday, impose a $12 a gigajoule cap on uncontracted gas on the east coast for at least next year and then require gas to be sold under “reasonable” pricing on an ongoing basis.
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