Bechtel Australia profits double on LNG

The billions of dollars spent on duplicate infrastructure around Curtis Island in Queensland may be causing some to worry about unnecessary costs, but contracting giant Bechtel is not among those concerned as it cashes in on development in the region, The Australian reports.

The private US firm reportedly saw its Australian profits double last year as development stepped up at the three major developments underway in the region, for which Bechtel has engineering and construction contracts.

Documents sent to the Australian Securities and Investments Commission show Bechtel Australia made $668.4 million last year after tax, a sharp lift on the $361.6m in 2012, The Australian reported.

BG Group, Santos and Origin Energy, which are developing LNG projects at Curtis Island, could not agree to infrastructure deals that might have prevented overlap on jetties, pipelines and storage facilities.