VANCOUVER, B.C. – Pacific Northwest LNG still believes it can succeed even with a global supply glut.
In an interview with the Globe and Mail, Michael Culbert, president of Pacific Northwest LNG says they are well aware of analysts’ warnings of a worldwide glut of LNG from 2016 to 2019 and possibly beyond.
Culbert told the paper that since the venture’s co-owners are financial backers and long-term buys of LNG in Asia, they can find a sweet spot as early as 2020. “Placing this LNG into the market in the 2020 to 2021 time frame is extremely important,” he said in an interview. “Time is of the essence, time is important to our project. We’ve positioned ourselves to be shovel-ready once we get the decision from CEAA.”
Pacific Northwest LNG is waiting for approval from the Canadian Environmental Assessment Agency. The plan is to start construction on the facility in mid-2016 with construction lasting four or five years.
Read the full story from the Globe and Mail here: Pacific NorthWest LNG project poised to begin despite abundant supply