A number of Australian companies are facing legal action after allegedly breaching trade agreements with China.
Key points:A number of companies have been in talks with the Chinese authorities over their plans to expand their operationsA number have been banned from trading with the country, including a company owned by Mr James-Hare, a former CEO of Australia’s biggest oil producer, ShellSource: ABC News | Photo: Andrew MearesMore than 40 companies have signed deals with the authorities in the past year, according to a report by trade lawyers at Cairns-based law firm KPMG.
In the past 12 months, the number of firms in talks for potential trading with China has ballooned from just three to more than 40.KPMG says it has seen some of the deals being made by major Australian companies such as a deal worth $10 billion with China’s state-owned oil giant, CNPC.
The Chinese companies have denied wrongdoing and have said the deal was the result of an industry-led effort to increase China’s exports.
Mr James-Lorens, the CEO of Australian energy giant Shell, has been in the headlines over his dealings with China and its state-run oil giant.
Mr Charles-Thomas, an oil and gas expert from the Australian Strategic Policy Institute, said the rise in trade talks with China was a sign of the growing global appetite for energy.
“There’s an increasing global appetite,” he said.
“The Chinese economy has become a big deal for Australia.”
It’s the biggest economy in the world and the Chinese are looking to develop it, so it’s a natural progression.
“In Australia, the vast majority of trade deals are with the US and the European Union.
The US is the largest importer of Chinese oil and its energy sector has been a hot topic in Australia in recent years.
In April, US President Donald Trump threatened to slap tariffs on Chinese goods and products if Beijing did not take measures to curb its trade practices.
Mr Trump has also threatened to impose sanctions on China if it does not get its way on human rights.
Mr Jules, who is also the head of Australian National University’s Australian Energy Institute, is a former executive director of Shell Australia and the CEO and president of Australian Minerals and Energy (AMEX), the country’s largest private mining company.
He said the vast bulk of the deal-making had been with Australian companies, but he had not seen any of the other deals made by Chinese companies.”
I don’t know how many other companies are involved,” he told ABC Radio.”
They have been very quiet about it.
“The Australian government has been trying to reduce its reliance on China and has made it easier for companies to enter the country for trade purposes.
Topics:government-and-politics,business-economics-and_finance,international-aid-and‑trade,chinas,chinese-aid,asiaFirst posted March 10, 2021 09:23:54Contact Anna McLeanMore stories from Australia