05 December, 2011

LNG industry buys off Gladstone

The folks of Gladstone are getting a trust fund, paid for by the LNG industry?

I wonder who will compensate the future generations it the soils are saline and/ot the Great Artesean Basin is not so great.....

See the Press release from Andrew Fraser that follows:

Deputy Premier, Treasurer and Minister for State Development and Trade
The Honourable Andrew Fraser

LNG industry contributes $13.5M to the Gladstone Foundation

Gladstone's major liquefied natural gas (LNG) players will contribute to a trust fund set up to boost social infrastructure across the booming region.

Three proponents - APLNG, QGC and GLNG - will collectively contribute $13.5 million; while Arrow Energy LNG has committed to provide further funding should its project receive Final Investment Decision approval.

Deputy Premier, Treasurer and Minister for State Development and Trade Andrew Fraser said the significant contribution to the Gladstone Foundation shows the willingness of the LNG industry to give back to the local community.

"The financial contribution from the LNG proponents builds on the already strong partnership between industry and all levels of government to build long-term social infrastructure for the community," Mr Fraser said.

"Already the Bligh Government has announced how it will use the proceeds of the LNG industry to form the Queensland Education Trust - a trust fund that takes the prosperity from this boom and use it to educate generations of Queensland kids into the future.

"The Gladstone Foundation helps the big private sector players based in this region build a legacy of new and improved infrastructure in the area.

"It's a wonderful gesture that will lead to real benefits in the region."

Speaking on behalf of the LNG companies, APLNG Chief Executive Officer Page Maxson said:

"Through the Gladstone Foundation, the benefits of the CSG-LNG industry will flow into the community and make an ongoing significant difference to the development of social infrastructure in and around Gladstone."

"We are pleased to be providing this funding in addition to the investment already made by the industry in the local community."

The Gladstone Foundation is a perpetual trust which will operate as a mechanism for managing and allocating industry contributions to benefit the community. An independent board of advice oversees the Foundation's operations.

Media contact: 3224 5982

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