|By JCN Newswire||
|April 30, 2014 11:53 PM EDT||
LNG Canada continues to bring together the four companies' extensive development experience, technical depth, financial strength and access to markets required to be a leading LNG developer in Canada. The signing of the joint venture agreement is an important milestone for the project as it formalizes the joint venture and creates an operating entity that enables LNG Canada to progress the project and enter into agreements with potential suppliers and contractors. The project's corporate offices will continue to be located in Vancouver, British Columbia and Calgary, Alberta, with the project office based in Kitimat, British Columbia.
"While we are in the early evaluation process and a decision to build the project is still a while away, this agreement reinforces our commitment to developing an LNG facility in British Columbia and allows us to proceed with the next steps in our project assessment," said Andy Calitz, CEO LNG Canada. "We will need to continue to work closely with the provincial and federal government to ensure that the project is economically viable, as well as working closely with First Nations, the local communities, and regulatory agencies, and move forward on a number of commercial agreements and contracts. We remain cautiously enthusiastic about the potential opportunity in B.C. and look forward to exploring it further."
The demand for natural gas, the cleanest burning fossil fuel, remains high in Asia and other global markets. LNG Canada would deliver a project that offers a new source of competitively priced LNG to global markets, while providing benefits to Canada, British Columbia and its coastal region.
"These four companies are working together to realize the immense potential of B.C.'s LNG - an industry that could create up to 100,000 jobs overall in our province by exporting clean, reliable energy to the growing economies across the Pacific," said Premier Christy Clark. "There's more work to do, but momentum is clearly on our side."
While there is considerable work that still needs to be done prior to the four companies making a Final Investment Decision, the initial technical work has now been completed, land has been acquired, the Project Description has been submitted and the Environmental Assessment is currently underway.
"Today is an important step forward for LNG Canada and we are pleased to join PetroChina, KOGAS and Mitsubishi - strong LNG companies in their own right - to move this project forward together. LNG Canada must compete across a portfolio of global options but we remain optimistic that with the continued co-operation of all interested parties LNG Canada can offer a valuable global market for Canadian natural gas," commented Jorge Santos Silva, Executive Vice President Shell Upstream Americas Commercial, New Business Development and Integrated Gas.
"It is a great pleasure and honour to work closely with Shell, KOGAS and Mitsubishi Corporation. This milestone signifies our strong alignment and though we come from different corners of the world, we are confident that we will continue to step forward together" said Bi Jingshuang, Director - Legal Department of China National Oil and Gas Exploration and Development Corporation (CNODC, who represents PetroChina.)
"LNG Canada, if realized, has the potential to play an important role in meeting the energy needs of Japan and other countries that rely heavily on LNG, and we are pleased with this achievement," stated Hiroki Haba, Vice President, Natural Gas Business Division, Mitsubishi Corporation. "Together with the significant investments we have been making in the upstream sectors in western Canada, Mitsubishi Corporation remains fully committed to making the project a success."
"The project provides a great chance to enhance energy supply security for countries, including Korea, which are always in need of stable energy sources. LNG Canada is committed to the development of a sustainable project providing benefits to local and global communities alike," added Jongkook Lim, Vice President, LNG Business Department, Korea Gas Corporation.
Upon signing the Joint Venture Agreement, the joint venture partners' respective interests in the project have been updated, with Shell now holding 50%, PetroChina 20% and each of KOGAS and Mitsubishi Corporation holding 15%.
About LNG Canada
The proposed LNG Canada project includes the design, construction and operation of a gas liquefaction plant and facilities for the storage and export of liquefied natural gas (LNG), including marine facilities. LNG Canada will initially consist of two LNG processing units referred to as "trains," each with the capacity to produce six million tonnes of LNG annually, with an option to expand the project in the future to four trains.
LNG Canada's vision is to work collaboratively with the local community, First Nations and stakeholders, to deliver a project that is safe, reliable and reflective of community interests.
Project milestones to date:
2011 - The Joint Venture was assembled.
2012 - LNG Canada selected TransCanada to own, operate and construct the pipeline
2013 - LNG Canada also had its export license approved by the NEB and filed its Project Description.
2014 - LNG Canada secured its preferred site in Kitimat.
About the Joint Venture Companies
Shell Canada Energy is one of the largest upstream divisions of Royal Dutch Shell plc ("Shell"), which is a global leader in LNG and helped pioneer the liquefied natural gas (LNG) sector, providing the technology for the world's first commercial liquefaction plant in 1964. Shell currently has ten LNG projects in operation with approximately 26.1 million tonnes per annum (mtpa) operational LNG capacity, in nine countries, and two projects with an additional 7.5 mtpa under construction. Shell was a partner in the first-ever purpose built LNG carrier and has been delivering LNG safely for nearly half a century. Today, Shell is one of the largest LNG vessel operators in the world, with interests in around a quarter of the LNG vessels in operation. Shell has key positions in North America unconventional gas, including amongst others the Montney shale development in Canada.
Phoenix Energy Holdings Limited (an affiliate of Petro-China Investment (Hong Kong) Limited) ("PetroChina") is China's largest oil and gas producer and supplier, as well as one of the world's major oilfield service providers and a contractor in engineering construction. PetroChina officially launched three LNG projects in June 2004, two of which started operations in the first half of 2011.
Kogas Canada LNG Ltd. (an affiliate of Korea Gas Corporation) ("KOGAS") is the world's largest LNG importer. As the nation's sole LNG provider, KOGAS currently operates three LNG terminals and a nationwide pipeline network, supplying natural gas from around the world to power generation plants, gas-utility companies and city gas companies throughout the country. KOGAS has also diversified into LNG swapping and trading, and LNG terminal construction, operations and management.
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Source: Mitsubishi Corporation
Mitsubishi Corporation Telephone:+81 3 3210 2171 Facsimile:+81 3 5252 7705
Copyright 2014 JCN Newswire. All rights reserved. www.japancorp.net
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Aug. 28, 2016 03:30 AM EDT Reads: 2,343
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 28, 2016 02:00 AM EDT Reads: 1,767
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Aug. 28, 2016 01:45 AM EDT Reads: 2,150
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 28, 2016 01:30 AM EDT Reads: 2,083
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Aug. 28, 2016 01:00 AM EDT Reads: 2,965
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 28, 2016 12:15 AM EDT Reads: 1,829
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 27, 2016 11:00 PM EDT Reads: 3,999
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Aug. 27, 2016 08:45 PM EDT Reads: 2,354
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Aug. 27, 2016 08:45 PM EDT Reads: 1,778
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Aug. 27, 2016 06:15 PM EDT Reads: 751
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Aug. 27, 2016 06:00 PM EDT Reads: 3,102
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Aug. 27, 2016 06:00 PM EDT Reads: 738
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Aug. 27, 2016 05:15 PM EDT Reads: 1,584
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Aug. 27, 2016 05:00 PM EDT Reads: 1,888
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Aug. 27, 2016 04:45 PM EDT Reads: 1,640