Former BHP Billiton, Leighton execs to front Senate over bribery

Some of corporate Australia’s top figures, including former executives from BHP Billiton and Leighton Holdings, are set to be called to a Senate inquiry and grilled about allegations the firms bribed foreign officials, according to the Australian Financial Review.

In a move likely to alarm boardrooms across the nation, Labor senator Sam Dastyari, along with key crossbenchers and the Greens, intends to launch a Senate inquiry into the alleged corrupt practices of Australian companies overseas and why some firms appear to be getting away with paying bribes to win contracts.

Senator Dastyari is planning to identify former top executives involved in allegedly corrupt dealings in Iraq and other foreign countries.

AGL slapped with $15,000 fine for Camden coal seam gas release

AGL’s troubled coal seam gas operations have suffered another setback, with the NSW Environment Protection Authority fining the energy giant $15,000 for a gas leak at its field on Sydney's southwestern edge, according to the Sydney Morning Herald.

AGL failed to maintain a gas well at its Spring Farm operations “in a proper and efficient condition”, placing it in breach of its pollution licence, the EPA said.

Weak Asian prices pressure new LNG projects

A new analysis from a globally respected consultancy has dashed hopes of an upturn in liquefied natural gas prices by the time the bulk of Australia's $200 billion wave of new projects begin production later this year, according to the Australian Financial Review.

Spot LNG prices in Asia are likely to suffer a fresh bout of weakness just as most of the plants start up, according to Edinburgh-based Wood Mackenzie, which is forecasting prices below the break-even threshold cited by many analysts for new Australian projects.