24. Contingent liabilities
Crib Point liquefied natural gas jetty
AGL has executed certain key agreements in relation to its proposed liquefied natural gas import jetty at Crib Point in Victoria. As at 30 June 2020, if AGL does not proceed with the project, AGL’s total financial exposure as a result of entering into the agreements is $42 million which may increase up to $67 million prior to Final Investment Decision (FID). AGL is progressing its environmental approvals and licencing requirements for the project and continues to negotiate further key commercial arrangements. A FID on the Crib Point project will be made subject to and following the outcome of the Environment Effects Statement which is expected in late FY21.
Other contingent liabilities
Certain entities in AGL are party to various legal actions and claims which have arisen in the ordinary course of business. Any liabilities arising from such legal actions and claims are not expected to have a material adverse effect on AGL.
Provisions are not required in respect of these matters, as it is either not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement.