C.S.R. IN OIL VENTURE

Press, Volume CX, Issue 32349, 15 July 1970, Page 21

C.S.R. IN OIL VENTURE

Shale Project In Queensland (N.Z. Press Assn.—Copyright) BRISBANE, July 13. The Queensland Government is giving active backing to the establishment of a massive oil shale project, costing more than $lOO million, at Julia Creek in the north of the state. The sleepy little grazing town would become a major centre for on-the-spot production of petrol, oil, vanadium (for strengthening steel) and power if the project goes through. The Queensland premier (Mr Johannes Bjelke-Peter-sen) said yesterday his Government was giving “every encouragement” to the giant joint venture by a French, an American, and an Australian firm. THREE PARTNERS “The Government regards this project as one of tremendous importance to the state,” he said. The three companies involved are: Australian Acquitane Petroleum, a subsidiary of Aquitaine (Australia and New Zealand) which is principally owned by a major French company: the Oil Shale Corporation (Aust.), a subsidiary of the Oil Shale Corporation (United States); and Pacminex Pty, Ltd, a subsidiary of Colonial Sugar Refining Company, Ltd. The partners have established an operating company called Inland Industries (Qld), Ltd. The state Mines Minister (Mr Ronald Camm) said if things went well, it was forecast that production could begin about the end of 1974.