Nsw refuses commonwealth basin plan agreement with South Australia and ACT to boost oil exports to India as opposition leaders say deal should be scrapped
The deal was a boon for South Australia, which was once considered a future gold mine but is now seen as the worst-off state on account of the oil glut it suffers, the Herald Sun newspaper reports.
The South Australian government has been keen to win the industry’s backing for a range of new investments to boost its exports, including at an Indian oil port called Talanatyasastra.comppan, where the state is in talks with the Chinese government to build pipelines and ports, as well as upgrading its infrastructurnatyasastra.come.
“We are getting great economic development in South Australia by opening up the oil reserves, which we are also working towards becoming a major manufacturing base,” Premier Jay Weatherill said last week.
But his plans to bolster growth – not just for his own state but for Australia’s economy as a whole – have caused opposition leaders to question whether the plan was the smar바카라사이트t move.
“I am very confident we are going to receive the best returns possible for our economy and South Australia,” Labor leader Mark McGowan said. “This is about attracting foreign investment to South Australia, which is vital in attracting more jobs to Australia.”
With oil prices at over US$50 a barrel, which has driven up the cost of the investment in the Indian ports, and oil shipments from China growing, many in the industry are worried about the long-term implications of selling their resources at $40 a barrel.
Forget oil, just as many economists say Australia will run into the black hole of global oil prices after 2020 if it does not act to reduce emissions, the Guardian’s Greg Jericho has reported.
Meanwhile, the New South Wales opposition has vowed to scrap its “Bambi policy”, under which the state funds its own mining of iron ore and the state government provides services to industry including road engineering and industrial parks.
Bambi’s cancellation will only worsen the situation for its residents, the state minister of economic development, Jay Weatherill, wrote in the Australian Financial Review.
“Bambi was a great state asset which has been badly spent on government services, and it will be especially sad to see this investment go to waste,” he said.
However, state MP Geoff Shaw, who has promised to scrap the policy, argued that an iron ore-mining industry in the state would increase employment.
“We need our iron-ore industry to grow, and no