Australia’s Conservative government intends to implement export controls on LNG, Prime Minister Malcolm Turnbull announced on Tuesday.
The measure is designed to reduce power prices and ensure an adequate domestic gas supply.
According to the proposed legislation, "LNG projects taking gas from the domestic market in order to meet long term contract commitments abroad will be stopped from exporting the amount of gas which equates to any gas shortfall locally". The legislation must now pass through the Australian parliament.
"We will be implementing our gas regulation that affects...