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2016-09-29 18:35:00

MALAYSIAN - CANADIAN LNG: $27 BLN

MALAYSIAN - CANADIAN LNG: $27 BLN

According to FT, Petronas, Malaysia's state-owned oil and gas group, has gained approval from the Canadian government for a controversial $27bn liquefied natural gas project — but said it would have to consider the environmental conditions attached before deciding to proceed.

In its first big energy policy decision, prime minister Justin Trudeau's government gave the go-ahead for the Petronas-led project in the country's Pacific Northwest, which will bring gas from fields mainly in Alberta via a 900km pipeline to a liquefaction facility in British Columbia.

However, the government added more than 190 conditions to its approval including measures to mitigate the impact on fish and marine mammals.

As a result, Petronas — which previously said it planned to cut spending by up to $11.4bn over the next four years — has warned it will need time to review the project.

In a statement on Wednesday, the Malaysian group said: "Petronas and its partners will study the conditions imposed by the Canadian authorities and conduct a total review of the proposed project prior to deciding on the next steps forward."

Its project has been approved at a time when LNG, along with the rest of the global commodities market, is in the doldrums. LNG production capacity worldwide is increasing as large gas importers such as Japan face weak growth.

"Petronas and its partners who have made so much investment already will be left with considerable egg on their face if they don't develop this project," argued Noel Tomnay, head of global gas and LNG at Wood Mackenzie. "But Petronas doesn't need the project to be completed quickly," he added. "The global LNG market does not need Pacific Northwest LNG quickly."

With up to $27bn being invested by various parties, the project is one of Canada's biggest in natural resource development. Government estimates suggest it will create 4,500 jobs.

However, the plans have been opposed by some environmentalists and aboriginal communities who fear its impact on a salmon breeding habitat.

Among the conditions imposed by Canada, in an announcement late on Tuesday, is a cap on the annual greenhouse gas emissions from the project.

Mr Tomnay said: "Petronas are particularly troubled because, although the oil price has gone down, the calls on Petronas's contribution to the Malaysian government have not significantly reduced. So their ability to expend capital has been severely restricted."

In the first half of this year, Petronas group revenue fell 23 per cent year on year, down from Rm127bn ($31bn) to about Rm98bn, depressing net profit by more than 70 per cent.

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Earlier:

MALAYSIA: 

MALAYSIAN - INDONESIAN LNG 

SOUTHEAST ENERGY WAR 

PETRONAS PROFIT DOWN 60% 

PETRONAS CUTS $12 BLN, 1,000 JOBS 

PETRONAS PLANS TO USE $5 BLN

 

CANADA: 

UNSTABLE OIL PRICES 

SUNCOR WANTS TO CUT 

ENBRIGE & SPECTRA: $127 BLN 

CANADIAN DOLLAR DOWN 

TRANSCANADA WANTS $15 BLN

 

LNG: 

LNG TO INDIA: UP 35% 

СОТРУДНИЧЕСТВО РОССИИ И ЯПОНИИ 

СОТРУДНИЧЕСТВО РОССИИ И БАХРЕЙНА 

CHEVRON'S LNG FOR CHINA 

ALASKA LNG: LEAST COMPETITIVE 

THE LARGEST LNG IMPORTERS 

ASIAN LNG IMPORTS UP 

THAILAND'S LNG WILL UP 

AUSTRALIAN LNG UP TO 2% 

VIETNAM & JAPAN LNG 

INVERTED LNG MARKET

 

 

 

Tags: MALAYSIA, CANADA, LNG, PETRONAS

Chronicle:

MALAYSIAN - CANADIAN LNG: $27 BLN
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

MALAYSIAN - CANADIAN LNG: $27 BLN
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

MALAYSIAN - CANADIAN LNG: $27 BLN
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

MALAYSIAN - CANADIAN LNG: $27 BLN
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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