Australia’s Federal Resources Minister Matt Canavan defended his government’s controversial “Domestic Gas Security Mechanism,” a legislative instrument under development designed to shore up domestic energy supplies that could put long-term Australian east coast LNG export cargoes at risk.
Critics of the mechanism, which Commonwealth plans to draft by July 1 to avert a looming energy crisis threatening jobs and manufacturing notably in Victoria and New South Wales, say the scheme brings sovereign risk ramifications and would tarnish Australia’s reputation as a safe investment haven.
However, speaking at the opening of the Australian Petroleum Production & Exploration Association Ltd. (APPEA) Conference in Perth on May 15, Sen. Canavan said the mechanism would only be triggered as a last-gasp solution.
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