Did China just blow B.C.s LNG hopes


tay
#1
Just three and a half months after Petronas and its partners pulled the plug on a $36 billion liquefied natural gas project in B.C., one of the partners has reappeared in Alaska.

And what Sinopec has planned for Alaska could blow B.C.s LNG ambitions right out of the water, if it ever gets a final investment decision, according one industry analyst, because it could sew up the market in China for LNG that B.C. projects were hoping to capture.

On Wednesday, November 8, Alaska Gasline Development Corp. a state-owned entity announced a joint development agreement that would see Chinese companies and banks partnering in a US$43 billion LNG project in Alaska. The announcement coincided with U.S. President Donald Trumps visit to China.

The Chinese partners include China Petrochemical Corp. (Sinopec), which held a 15% stake in the now-dead Petronas-led Pacific NorthWest LNG project.

The financing partners include the China Investment Corp. a sovereign wealth fund with US$800 billion in deployed investments and the Bank of China.

LNG advocates, including the Shell-led LNG Canada, have touted the so-called B.C. advantage when it comes to developing an LNG industry here, compared with American competitors on the Gulf Coast.

Those advantages include an ocean of gas in northeast B.C., short shipping distances to Asia, and a cold climate, which reduces the energy input costs for chilling natural gas to minus 160 Celsius. Alaska has those same advantages.

The B.C. advantage does not appear to be sufficient to keep major energy players interested in B.C. Asian energy companies, including Chinese companies, have been voting with their feet.

more

https://www.biv.com/article/2017/11/...pes-out-water/
 
Cliffy
#2
Good! We don't want them and their dying industry.
 
taxslave
#3
The difference between a government that looks out for taxpayers and the retards we have in Victoria. The Dipper's are set on making BC a have not province again.
 

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