Petronas pushes ahead with $37b LNG plant in Canada
MALAYSIA has highlighted the risks to the growth of Australia's liquefied natural gas industry by declaring its intention to push ahead with a $37b plan to build an LNG plant in Canada.
State-owned energy company Petronas, one of the founding partners of the Santos-led Gladstone LNG plant, could spend the vast amount over 30 years at a terminal earmarked for development in Prince Rupert, British Columbia.
The Australian reports the comments reflect the shift in global LNG development away from Australia, where high costs are discouraging new investment.
They also illustrate the North American gas threat brought about by cheap shale gas is not limited to the growing approvals of US exports from the Gulf of Mexico.
University of Western Australia and Rice University (Texas) economist Peter Hartley says Canada's west coast is closer to Asia than Australia and looms as a strong potential LNG competitor.
Read more at The Australian.