In 2007, the Chinese oil and gas corporation PetroChina agreed to buy 3 million tonnes of liquefied natural gas (LNG) a year for up to 20 years from Australia's Woodside Petroleum. At the time, the deal was described as potentially Australia's biggest export contract.
PetroChina has claimed that Woodside took too long to finalise the deal and that the urgency to ensure volumes in China meant the deal was no longer feasible.
But according to Howard Rogers, senior research fellow with the Oxford I
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