Canadian deal a turning point in global gas industry
The project will carve out the fastest route to Asia for North American gas
Vancouver -Royal Dutch Shell and its partners have announced an agreement to invest in a multibillion-dollar liquefied natural gas (LNG) project in western Canada — the largest of its kind in years. The project will carve out the fastest route to Asia for North American gas. LNG Canada, comprised of Shell, Malaysia’s Petroliam Nasional, Mitsubishi, PetroChina and Korea Gas, confirmed the expected final investment decision in the C$40bn ($31bn) project, Shell said on Tuesday. Bloomberg News reported on Sunday that the group had approved the investment and an announcement was imminent. The project marks a turning point for Canada and the global gas industry. Set to be the nation’s largest infrastructure project yet, LNG Canada heralds a new wave of investments for major gas export projects after a three-year hiatus forced by fears of a global supply glut. LNG Canada will be able to send cargoes from Kitimat, British Columbia, to Tokyo in about eight days versus 20 days from the US Gul...