Reuters: Shell plans to double gas sales: "Our LNG sales will double between now and the end of the decade," Shell CEO Jeroen van der Veer told a Business Week conference in Paris on Monday.: “Van der Veer said that Shell was planning to take LNG from Nigeria to the U.S. East Coast while supplies from the Sakhalin project in Russia's Far East will head to the U.S. west coast.” (ShellNews.net) Posted 7 Dec 04
By Marguerita Choy
PARIS (Reuters) - Anglo-Dutch oil giant Shell plans to double its liquefied natural gas sales by the end of the decade to retain its leading role in the growing LNG market, its chief executive says.
"Our LNG sales will double between now and the end of the decade," Shell CEO Jeroen van der Veer told a Business Week conference in Paris on Monday.
With sales of about 10 million tonnes a year, Shell is the top private supplier of LNG -- gas that is super-cooled into a liquid form for transport by tanker to consumer markets where it is processed back into gas.
"We are determined to keep our leadership in the expanding LNG business, investing in new supply projects and linking them to markets by developing import terminals and securing sales," van der Veer said.
Investment in LNG is soaring with a flurry of projects being built from Trinidad to Egypt and Qatar to meet booming gas demand in Asia, northern Europe and the United States.
Shell and TransCanada Corp. in November proposed a $700 million (360 million pound) LNG terminal for Long Island Sound, New York, the latest of several LNG projects to help meet surging gas demand in the United States.
Van der Veer said that Shell was planning to take LNG from Nigeria to the U.S. East Coast while supplies from the Sakhalin project in Russia's Far East will head to the U.S. west coast.
The Shell-led Sakhalin Energy's huge Sakhalin II project is one of Russia's most challenging and ambitious projects that aims to produce 9.6 million tonnes from 2007.
Shell is also one of a number of multinational shareholders in the huge Nigerian Liquefied Natural Gas (NLNG) plant, that aims to produce 22 million tonnes per year by 2007.
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