PetroChina likely to join Kitimat project, Shell CFO tells Bloomberg


Eduard Gismatullin, a London-based reporter for Bloomberg News reports in Shell, PetroChina May Ship Canadian LNG to Gain From Asia Prices that:

Royal Dutch Shell Plc, Europe’s largest oil company, together with PetroChina Co. and Japanese and South Korean partners are examining plans to ship liquefied natural gas from Canada’s west coast to Asia.

“This gives us a chance to arbitrage the price differential between $4 gas in North America and with what in the last quarter was around $15 gas prices in Asia,” said Shell Chief Financial Officer Simon Henry. ‘It’s highly likely” that PetroChina will be a partner in the project following collaborations with Shell in Australia and China.