TEHRAN, October 02 -A massive liquefied natural gas (LNG) export project in Canada has been given the final go-ahead by project partners, LNG Canada said on Tuesday, making it the first major new project for the fuel to win approval in recent years.
TEHRAN, Young Journalists Club (YJC) -A massive liquefied natural gas (LNG) export project in Canada has been given the final go-ahead by project partners, LNG Canada said on Tuesday, making it the first major new project for the fuel to win approval in recent years.
First gas from the project is expected before 2025, aiming to feed an expected surge in demand for the cleaner, super-chilled fuel from hungry Asian buyers, mainly China.
LNG Canada is the single largest private sector investment project in Canadian history, Prime Minister Justin Trudeau said in a statement issued by LNG Canada. Overall investment for the whole project wasn’t disclosed in statements on Tuesday, but was previously put at about C$40 billion ($31 billion).
The announcement provides a much-needed boost for Trudeau’s ruling Liberals, who have struggled with an exodus of global majors from Alberta’s oil sands and a series of setbacks in building a crude pipeline expansion to Canada’s West Coast.
The project will allow LNG to be shipped to Asian markets far faster than from the U.S. Gulf Coast. With global LNG demand expected to double by 2035 compared with today, much of the growth will come from Asia where gas is displacing coal, chief executive of Royal Dutch Shell Ben van Beurden said in a separate statement.
Source: Reuters
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