Santos joins Jim’s golden shower
No one company has whizzed on Australia for longer and with a greater gush than Santos. How this company does it is beyond my understanding. It’s not like it’s some too-big-to-fail entity. A vile South Australian export that has ravaged the East Coast for two decades while its share price has halved. I mean, what The post Santos joins Jim’s golden shower appeared first on MacroBusiness .
Santos, a South Australian company, has been exporting gas to Australia for over two decades, despite its share price halving. The company's Gladstone LNG, backed by Santos, has demanded federal Labor protect an option to extend an existing export contract. This move is seen as putting Santos' interests ahead of the nation. The extension would allow GLNG to keep gas flowing to overseas customers, limiting volumes made available to the domestic market.
This comes amid concerns of potentially economically damaging supply shortfalls on the eastern seaboard. GLNG is expected to receive significant protection under the proposed requirement for LNG exporters to make gas available to the domestic market. The existing KOGAS contract is for around 3.5 million tonnes of LNG per year, with the option extending supply for about five years.
If the contract extension is granted, it would make the East Coast shortfall much worse during the energy transition phase, leading to higher utility prices, industrial collapse, and the need to renovate coal-fired power stations.
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