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Queensland’s liquified natural gas (LNG) industry has the potential to earn the State up to $40 billion through eight separate projects throughout the region, according to new research released today.

The information was released by Premier Anna Bligh in her Government’s Blueprint for Queensland’s LNG Industry report this morning.

According to Bligh, if all eight potential projects are to materialise Queensland could be exporting in excess of 50 million tonnes of LNG per annum, which would account for 1 percent of the State’s gross product.

"We estimate that a local LNG industry exporting at 28 million tonnes a year could add more than $3 billion - or around 1 percent to gross state product - and offer us around $850 million a year in royalties,” Bligh says.

The Government is currently looking at two options how to meet the states future needs and is looking for community feedback on the matter.

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Sunday, August 01, 2010