Royal Dutch Shell Plc pulled out of a major U.S. liquefied natural gas (LNG) export plant under development following the recent crash in energy prices, quickly followed by its partner, Energy Transfer LP, delaying its final decision on whether to go ahead with the project to next year.
FILE PHOTO: The logo of Royal Dutch Shell is seen at a petrol station in Sint-Pieters-Leeuw, Belgium January 30, 2019. REUTERS/Yves Herman/File Photo
“It’s telling that a major would walk away from a major outlet for long-term gas supply,” said Ira Joseph, head of global gas and power analytics at S&P Global Platts, noting that storage, port and pipeline work was already in place on the project. The Lake Charles project, one of a number of large LNG facilities planned in the wake of the U.S. shale boom, envisaged converting Energy Transfer’s existing import and regasification facility into a 2.2-bcfd export facility.
Shell said last week that it would cut spending by $5 billion to below $20 billion in 2020 and suspended its vast $25 billion share buyback plan in an effort to weather the oil price collapse.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
At least 17 reported tornadoes hit Central US during severe weather outbreakA major storm moving through the central U.S. brought at least 17 reported tornadoes to parts of the central U.S. including eight in Iowa and three in Arkansas.
Read more »
Major airlines urge U.S. Treasury to disburse assistance quicklyMajor U.S. airlines asked the U.S. Treasury to move quickly to release up to $58 billion in government grants and loans and recommended a formula to divide up the money.
Read more »
5 things to know before the stock market opens MondayU.S. stock futures point to a drop for the Dow at Monday's open after President Trump extended social-distancing guidelines.
Read more »
Chinese e-commerce giant takes aim at rival leader Alibaba in cloud as China market heats upJD.com, a major Chinese e-commerce company, is looking to become the technology platform of choice for U.S. customers in a cloud computing market dominated by Alibaba.
Read more »
Coronavirus: 1,000-bed Navy hospital ship USNS Comfort arrived in New York - Business InsiderPhotos show the 1,000-bed Navy hospital ship USNS Comfort arriving in New York to support the city in its flight against coronavirus
Read more »
Coronavirus: U.S. Still Seeing Thousands Of Flights, Despite A Drop In Air TravelMillions of Americans are currently under stay-at-home orders to curb the spread of the coronavirus — but there are thousands of planes in the air. Take a look at the flight-tracking maps 👇
Read more »