Dec 15, 2017 Last Updated 4:28 PM, Dec 12, 2017

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Australian shopping empire Westfield sold to French property firm for $33 billion

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ASX introduces blockchain technology into trade settlement system

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Consortium develops Victoria wind farm

AusBN – A consortium of five companies have announced that they will develop a 240 megawatt wind farm in Victoria.

The A$450 million project will use 75 wind turbines to generate enough electricity for 123,000 homes per annum.

Construction and maintenance of the project will be undertaken by General Electric (GE), Renewable Energy Systems (RES), Downer, Partners Group and OPTrust.

RES will manage the construction and commissioning of the project and once completed GE will take over the operation and maintenance of the facility.

Around 40% of the energy generated at the wind farm will be purchased by the Australian Capital Territory Government.

GE Australia, New Zealand and PNG president and CEO Geoff Culbert said: "The wind farm will have significant local impact.

“It will employ around 165 workers directly in the construction phase, another 120 indirectly, and is expected to inject at least $7 million - $8 million into the local economy around Ararat over two years.

"The project will also establish a local community fund which will inject over $2 million in support of good causes over its lifetime."

@AusBNOnline

Wesfarmers acquires Australian oil & gas assets

AusBN – Wesfarmers (ASX: WES) has acquired a 13.7% stake in Quadrant Energy for US$100 million (A$129 million)

Quadrant is the operator of Apache Corporation’s former Western Australia oil and gas assets, which account for 40% of the state’s gas supply.

Wesfarmers managing director Richard Goyder said: "We look at sectors where we think there is growth and different investment opportunities.

"This is a sector we like."

As part of the acquisition Wesfarmers will appoint its executive general manager of business development Tim Bult as a Quadrant board director.

@AusBNOnline

Agreement reached on Browse gas field

AusBN – The Browse joint venture led by Woodside Petroleum (ASX: WPL) has reached an agreement with the Western Australian government over the gas it will supply to the domestic market.

It was agreed that the WA grid would receive 800 petajoules of gas produced from the Browse gas fields, with the rest being exported.

Under this agreement, the JV has committed to providing supply chain elements including port, marine, aviation, storage and transport services for the life of the project.

WA Premier Colin Barnett told the state parliament that the JV’s primary operations will be based in Perth, with support in the northwest of the state.

He added that while the WA government would prefer the Browse floating liquefied natural gas (FLNG) project was developed onshore, this domestic-supply agreement ensured that the state would still benefit.

The agreement falls in line with the state’s domestic gas reservation policy, which requires 15% of an offshore gas field’s reserves to be fed into the local market.

@AusBNOnline

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