According to recent reports, Japanese trading house Itochu Corporation is currently engaged in negotiations for a prolonged agreement to purchase liquefied natural gas (LNG) from the proposed Ksi Lisims project located off the northwestern coast of Canada. This initiative forms part of a larger strategy being implemented by Asian importers to secure a consistent supply of fuel. It should be noted that Shell Plc previously secured a twenty-year contract in January to acquire LNG from the floating export terminal, which is expected to produce twelve million metric tons annually. Ksi Lisims LNG, which is supported by the Nisga’a Nation, a consortium comprised of North American gas producers such as Ovintiv Inc. And Tourmaline Oil Corp., as well as Houston-based Western LNG LLC, is projected to cost roughly C$9.9 billion ($7.2 billion) and may commence construction this year, subject to the finalization of a binding investment decision. Neither Ksi Lisims nor Itochu responded to requests for comment, while a spokesperson representing Rockies LNG did not immediately respond either. Japan’s trading companies have been actively searching for opportunities abroad to expand their foothold in the burgeoning LNG industry as part of a drive to enhance energy security advocated by the government. Mitsui & Co. is currently deliberating an investment in a proposed export facility based in the United Arab Emirates. – With assistance from Shoko Oda. [Source: Yahoo Finance]
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[Added] Bloomberg Report: Shell Plc has reached an accord to dispose of its Singapore refining and chemicals operations to a partnership involving commodities trader Glencore Plc and Indonesian corporation PT Chandra Asri Pacific. – With assistance from Bloomberg reporters. [Source: Yahoo Finance]
[Added] Bloomberg Report: Australia is advocating for the exploration and exploitation of novel natural gas resources to preserve affordability and maintain the country’s position as a significant exporter, the most recent move by the centre-left Labor administration towards greater backing for the fossil fuel. – With assistance from Bloomberg reporter. [Source: Yahoo Finance]
[Added] Bloomberg Report: Peru’s Energy and Mines Minister is optimistic that Newmont Corp. Will soon ratify a $2.5 billion mining expansion plan that the US-based corporation had postponed until at least 2025. – With assistance from Bloomberg reporter. [Source: Yahoo Finance]
[Added] Bloomberg Report: D.Trading aims to hire up to 12 individuals to trade power, gas, and fuels by the end of the year, according to CEO Ivan Geliukh. The company currently employs approximately sixty traders in four locations, including Kyiv and Amsterdam. A future LNG division will also be created. – With assistance from Bloomberg reporter. [Source: Yahoo Finance]
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