Australia's A$1 billion (US$693 million) Gold Beach Energy gas storage project has been placed under external management, Bloomberg reports. According to lender Mekur Energy, delays and significant cost increases have left the facility without sufficient funding. Estimated management company FTI Consulting has suspended work to assess the situation. The project is expected to increase gas storage capacity in Victoria by 70 per cent and help avoid fuel shortages on the east coast.

Australia's A$1 billion (US$693 million) Gold Beach Energy gas storage project has been placed under external management, Bloomberg reports. According to lender Mekur Energy, delays and significant cost increases have left the facility without sufficient funding. Estimated management company FTI Consulting has suspended work to assess the situation. The project is expected to increase gas storage capacity in Victoria by 70 per cent and help avoid fuel shortages on the east coast.