LNG exports break new records
January 23rd, 2018
The resources sector continues to underpin the Queensland economy with record LNG exports over the year to December 2017 while coal showed it was still in high demand and on track for another record export tonnage until rail and port infrastructure was disrupted when Cyclone Debbie hit in March.
The LNG sector is forecast to continue its record export growth that is being driven by an energy hungry Asia. China was again the largest customer, receiving nearly 11.6 mt, followed by South Korea at 4 mt while Japan imported 2.5 mt.
In addition to being a major global LNG supplier, Queensland is in a prime position with its high quality thermal and coking coal to continue to be one of the main players in global coal exports and the industry alone is forecast to contribute a $3.16 billion windfall to the state’s coffers in this year’s Budget.
Coal exports over the 12 months reached 210.8 mt which is down 10 mt or 5 per cent from last year’s record of 220.8 mt. The fall in coal is due to Cyclone Debbie severally damaging infrastructure and according to Queensland Treasury, the cyclone decreased coal exports by 11 mt. In other words, in the absence of the cyclone, Queensland coal exports would have reached another volume record. Read more…