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Royal Dutch Shell Plc casts fresh doubt on B.C. LNG project due to funding

 

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Yadullah Hussain | May 5, 2016 6:37 PM ET

Royal Dutch Shell Plc. has cast doubts its liquefied natural gas export project in British Columbia will secure a final investment decision (FID) by the end of this year, further dashing the province ’s hopes of shipping LNG by 2020.

Shell’s LNG Canada in Kitimat is competing for funding dollars with two other company LNG projects, both in the United States, as well as with a chemicals plant in Pennsylvania, within the next 12 months, chief financial officer Simon Henry told investors during a conference call Wednesday.

“It’s highly unlikely that more than I would say two, maybe only one,… will actually go ahead in that timeframe,” Henry said. “…The chemicals plant is probably the first one because of the timing of certain commitments that are already in place.”

However, the company has “not yet pulled the trigger on it one way or the other,” Henry stressed. Vancouver-based LNG Canada, which represents Shell and its three Asian partners, did not respond to requests for comment.

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