CANBERRA Aug 26 Australia gave environmental
approval on Wednesday for a A$50 billion ($42 billion)
liquefied natural gas (LNG) project run by U.S. oil major
Chevron Corp (CVX.N), the country's largest-ever resources
The government approved the project, to be built on an
island nature reserve off west Australia, subject to conditions
on managing and protecting local fauna, especially turtles.
Chevron holds a 50 percent stake and is the operator of the
project, expected to see annual output of 15 million tonnes,
while Royal Dutch Shell Plc (RDSa.L) and U.S. major Exxon Mobil
Corp (XOM.N) each hold 25 percent.
ExxonMobil this month sealed a deal to sell LNG from its
share of the project to PetroChina (601857.SS) in a deal worth
about A$50 billion.
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(Reporting by Rob Taylor; Editing by Mark Bendeich)
($1=1.198 Australian Dollar)