Outgoing Gladstone Foundation chairman Jim Petrich.
Outgoing Gladstone Foundation chairman Jim Petrich. Christopher Chan GLA230812BUSI

Foundation chairman glad to see LNG funds finally flowing

GLADSTONE Foundation's outgoing chairman Jim Petrich held tongue in cheek when he said his three-year term had been somewhat challenging.

He said it was now up to other industry heavyweights to embrace the foundation and invest in Gladstone's long term future.

But he was pleased to finally see some of the $13.5 million in LNG contributions distributed in the community.

As well as Mr Petrich's final board meeting alongside incoming chairman Tim Griffin, Monday was also the official handover of the first round of $4.6 million that was distributed between Anglicare Central Queensland and Medibank Health Solutions Telehealth.

"It was torturous setting it up and getting to this point," he said.

Mr Petrich said despite its beginnings, the foundation was now a perpetual trust that had the ability to be fully sustainable over a longer period of time.

"In a perfect world we'd like to see at least two rounds of grants a year," he said, with calls for round two beginning in the new year.

He said the board had to evaluate the 13 round-one submissions under a number of requirements including looking at the beneficial impact for the Gladstone region.

APLNG's Rob Gibb, who represented the proponents APLNG, QCLNG and GLNG was delighted with the first round of funding.

"We had a real desire to see value for money in the investment we were making," he said.