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Eurasian Business Briefing Australia

Australia rebuffs China over Silk Road

Li Keqiang and Turnbull Australia 230317China is expected to suffer a rare setback in its drive to develop its $4trn One Belt One Road global trading, transport and logistics network this week during Premier Li Keqian’s visit to Canberra, with an unnamed Australian officials predicting that Australia will rejected Beijing’s request for its $3.8bn Northern Australia Infrastructure Facility infrastructure fund to be formally aligned with the New Silk Road strategy . The rebuff comes amid concerns that such a move could damage relations with the US at a time when Australia is pressing Washington to bolster its presence in the region and taking a tougher line on inward investment from China.
S Kidman & Co cattle farmLast year, the Canberra government blocked two potential Chinese acquisitions – bids in excess of $7.6bn for the Ausgrid electricity company due to be submitted by the State Grid Corporation and the Hong-Kong-based Cheung Kong Infrastructure company; and attempts by a Chinese consortium to purchase the S Kidman & Co cattle farm that stretches across more than 1% of Australia’s land mass.
The debate over whether Australia should align its state infrastructure fund with One Belt One Road follows on from Canberra’s hesitation over joining the Asian Infrastructure Investment Bank (AIIB). In 2014, Australia initially decided not to join following lobbying by the US and Japan, but eventually relented after the UK and several other western nations broke ranks and signed up.

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China blows competition away with $360bn plan for renewable energy

Wind farms ChinaChina is planning to plough nearly $360bn into renewable energy generation by the end of the decade and expects 25% of its electricity needs to be met from wind power by 2030 – and is also investing heavily overseas in an attempt to position itself as the leading force in the global renewables market. 
Over the past week, (more…)

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Alrosa launches Eurasian Diamond Centre in Vladivostok as Eastern Economic Forum gets under way

Eastern Economic Forum VladivostokAlrosa, Russia’s largest diamond mining operation, launched the Eurasian Diamond Centre in Vladivostok yesterday to coincide with the opening of the second Eastern Economic Forum tomorrow, when representatives from more than 200 (more…)

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PM Turnbull calls for free trade deal between Australia and Britain

Australian PM Malcolm TurnbullA free trade deal between Australia and Britain should be set up as soon as possible, Australian Prime Minister Malcolm Turnbull told the UK’s incoming Premier Theresa May yesterday. In a phone call that May described as “very encouraging”, (more…)

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Rio Tinto awards Jacobs Engineering $5.3bn Oyu Tolgoi mining contract

Oyu Tolgoi underground copper and gold mineRio Tinto has awarded Jacobs Engineering the main contract to build the $5.3bn Oyu Tolgoi underground copper and gold mine in Mongolia, the US-based company announced yesterday. The announcement comes (more…)

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Asian budget carriers join forces to set up Value Alliance

Scoot AirlinesValue Alliance: Eight of Asia’s struggling budget carriers – including Singapore Airlines Ltd.’s Scoot subsidiary and Thailand’s Nok Airlines – yesterday announced that they were joining forces to co-ordinate the sale of tickets, in-flight meals and possibly even baggage allowance. Other members (more…)

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Australian LNG exports set to overtake Qatar by 2020, claims bullish PM

Australian PM Malcolm TurnbullAustralian LNG exports are set to triple by the end of the decade and overtake Qatar’s, a bullish Prime Minister Malcolm Turnbull told delegates at the LNG18 conference in Perth this week, although its export markets are likely to be confined to the Asia Pacific. By 2020, he predicted (more…)

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US and Australia to lead surge in LNG production, predicts new report

 LNG tankerThe US and Australia will be the frontrunners in the the growth of gas and LNG production over the next few years, according to a new report. 
Surging Liquefied Natural Gas Trade, published jointly last week by the Atlantic Council’s Global Energy Center and the Dinu Patriciu Eurasia Centre predicts that, (more…)

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Oyu Tolgoi copper mine expansion still on, Rio Tinto assures investors

Oyu Tolgoi copper and gold mine MongoliaRio Tinto’s Turquoise Hill Resources subsidiary has reassured investors that it expects to finalise financing for the $6.8bn underground expansion of its massive Oyu Tolgoi copper, gold and silver mine in Mongolia (more…)

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Australians to explore for Kostanai minerals

Kostanay Province KazakhstanKostanai minerals: The Australian mining company Iluka Resources is to invest $4.4m exploring for ilmenite, rutile, zirconium and tin in the northern Kazakh region of Kostanai, a spokesman for the state-owned Kazgeology said this week. If the results are positive, (more…)

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Queensland LNG plant threat to Siberia’s Asian sales

Methane Rita Andrea

Methane Rita Andrea, carrying LNG from Queensland

Queensland LNG plant: A new liquefied natural gas plant in Australia could threatens Siberia’s dominance as an LNG supplier to Asia, analysts are warning. While construction is well under way at the Yamal plant in Russia’s Far East, the LNG carrier Methane Rita Andrea left the LNG plant on Curtis Island headed for China earlier this month with 60,000 metric tonnes on board. The gas was destined for China’s state-owned CNOOC, the Australian company’s largest customer. (more…) Read More»

Russian banned food import list published

Russian banned food import list: The Russian government has published a list of EU, US, Canadian and Australian products that come under the import embargo announced yesterday. They include beef, veal, lamb, mutton, pork and poultry; salted and cured meat; fish, crustaceans, molluscs and other aquatic invertebrates; milk and dairy products; vegetables, fruit and nuts; sausages and other products made of meat, offal or blood; packaged foods that include vegetable fats (including cheese and curd); and food products with dairy content based on vegetable fat. rbth Read More»