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Resources Minister welcomes Treasurer's decision on Woodside.



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RESOURCES MINISTER WELCOMES TREASURER’S DECISION ON WOODSIDE 23 April 2001

23 April 2001                                                                                                                  01/152

RESOURCES MINISTER WELCOMES TREASURER’S DECISION ON WOODSIDE

The Minister for Industry, Science and Resources, Senator Nick Minchin, today welcomed the Treasurer’s decision to reject the proposal by Shell Australia Limited to acquire a controlling interest in Woodside Petroleum Limited.

“The Treasurer’s decision will protect Australia’s national interest and ensure that Woodside remains committed to developing our oil and gas resources,” Senator Minchin said.  “It reflects the unique position of Woodside in Australia’s petroleum industry and in particular, the company’s key role as operator of Australia’s largest ever resource project, the North West Shelf Joint Venture.

“It will also allow both Woodside and Shell Australia Limited to get back to their day to day business of developing Australia’s oil and gas resources and winning contracts to export liquefied natural gas (LNG).”

Senator Minchin said the Government has shown that it has listened to the concerns expressed by the Australian community about the Shell Woodside merger.

“At the same time, I would like to send a clear message that the Government continues to welcome foreign investment in Australia.  In particular, the Government recognises the major role such investment, including that by Shell, has played in the development of Australia’s resources sector,” Senator Minchin said.

Contact: Jennifer Eddy, Senator Minchin’s Office, 0419 432 664

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