LNG deal with South Korea

Over the next 20 years, a historic deal, set to be worth billions of dollars, will see Australia supply tonnes of liquefied natural gas to South Korea. The deals are with Royal Dutch Shell and Total SA, and the shipments will be valued at $US84 billion and will be equivalent to 17 per cent of Korea’s gas consumption in 2010. "The deals to import 5.64 million tons are the biggest in the country's history and will contribute to the stable supply of the fuel," the ministry said in the statement. Korea Gas is also planning to purchase a 10 percent stake in Shells Prelude project, after the gas contract.