Peiyang Chemical Equipment Co., Ltd.
The Joint Venture of Shell Group of Companies and PetroChina Co Ltd. Will Promote Australian Gas Dev

The Australian gas development projects, which has been waited for a long period by the Royal Dutch /Shell Petro Group of Companies (64.12, 0.43, 0.68%) and PetroChina Co Ltd. (67.54, 0.63, 0.94%), made a significant progress. The two parties have signed a 27-year agreement contrast to supply gas to the shell Queensland's Curtis liquefied natural gas (LNG) project.

Shell and PetroChina's Arrow Energy said the agreement will bring the company's roughly 5 trillion cubic feet of gas to the market in Queensland.

"The cooperation will bring the first gas output in 2020 in advance, adding an additional 240 trillion joules to the gas supply in the Queensland market season every year," said Qian Mingyang, Arrow Energy chief executive, in a statement.