Article courtesy of the West Australian.
WA billionaire Gina Rinehart says growing concerns about global oil and gas supplies sparked by Russia’s invasion of Ukraine underscores the importance for energy security.
The rising cost of oil and gas has sent shockwaves through global economies.
Mrs Rinehart said Russia’s military offensive should serve as a wake-up call, while also levelling criticism at policies that stifle new investment in energy projects.
“We believe that the energy sector, fundamental to maintaining our businesses and standard of living, has an important future, given policies have caused the lack of investment in many areas, which has already caused energy prices worldwide to rise,” she said.
“Recent events in Europe have served as a stark reminder underlining the criticality of energy security.”
Mrs Rinehart’s comments come as Hancock Energy welcomed Friday’s decision by the courts to approve a $900 million takeover of Queensland-based gas producer Senex Energy in a partnership with South Korea steel giant Posco.