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Australia says China ties 'never' off track

By: Amy Coopes (AFP) Australia Thursday denied the arrest of Rio Tinto executive Stern Hu had ever disturbed trade ties with China, citing a record gas deal signed on the last day of his trial. Trade Minister Simon Crean said the 20-year contract to supply liquefied natural gas (LNG) to the state-run China National Offshore Oil Corporation (CNOOC) heralded an era of long-term mega-deals between the two countries. "Australia is very much the Saudi Arabia of gas," Crean told Bloomberg Television. "It's a cleaner energy source, and China is looking to cleaner fuel options, longer-term commitments to energy security."

Full post as published by The Trade Secrets Vault on March 29, 2010 (boomark / email).