Despite recent tension between Australia and China, PetroChina Co. Ltd. has inked a deal with the world’s largest publicly traded oil company – Exxon Mobil Corp. As part of the agreement, PetroChina, Asia’s biggest oil company, will purchase liquefied natural gas (LNG) from a field off Australia’s north-western coast, of which Exxon Mobil owns a share.
The 20-year deal worth US$41B will be the largest trade transaction Australia has ever seen, and according to the country’s prime minister, it will not only pump billions of dollars into the economy, but also create thousands of jobs.
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