No compensation for gas users affected by LNG price spike

QUEENSLAND Deputy Premier Jeff Seeney says east coast manufacturers and other big gas users that will be damaged by a looming LNG-led price spike have made poor business decisions and should not be compensated by government.

The comments, made at the opening of a BG Group water treatment plant near Chinchilla on the Darling Downs, come after calls this week from Australian Industry Group chief Innes Willox for the federal and Queensland governments to consider aid to businesses that might not survive a spike caused by the approval of $70 billion of LNG export plants at Gladstone.

The three LNG plants are set to more than double east coast gas prices by rapidly tripling demand and making Australian domestic users compete with Asian buyers paying much higher gas prices.

"The development of the export industry for gas producers has been six or seven years in the making," Mr Seeney said.

"When the final investment decisions were made, everyone knew the gas producers would have access to the export market."

Read more at The Australian.



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