Al Monaco, CEO of Enbridge Inc., argues that as natural gas demand began to rise, Canada squandered a significant commercial opportunity to provide the globe with the fuel.
Now, Mr Monaco claims he is optimistic that Canada can help support the market while Moscow’s conflict against Ukraine continues and Europe struggles to fill the supply gaps left by sanctions on Russian natural gas.
Enbridge, based in Calgary, recently made a major investment in the British Columbian Woodfibre LNG plant, contributing US$1.5 billion for a 30% interest. The long-delayed project, which won’t be finished for years, is what the corporation hopes to support. The terminal will export liquefied natural gas to Asia once it is finished.
In a Tuesday interview from Houston, Mr Monaco stated that the Western Canadian basin has many advantages over the U.S. Gulf Coast as a location for the export of fuels. These advantages include cheaper natural gas supplies, two to four weeks shorter shipping times to Asia, and a wealth of hydroelectric power, which will reduce Woodfibre’s overall emissions.
“You’ve got low-cost supply and you’ve got a growing LNG market at higher prices. So you’ve got to capture that,” Mr Monaco said.
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