Canada wants to speed up LNG project implementation due to gas demand in EU

The company behind a proposed liquefied natural gas project off Newfoundland’s coast could push forward its schedule after the Ukraine crises left Europe scrambling to find alternatives to Russian supplies.
LNG Newfoundland and Labrador Ltd.’s C$5.5 billion project to take natural gas associated with offshore oil production and liquefy it on floating facilities at Grassy Point, could be pushed forward to start as early as 2028 from 2030 to accommodate European buyers, Leo Power, chief executive off the company, said in a phone interview with Bloomberg.

The export terminal will produce as much as 2.6 million tons a year of chilled fuel.

The project would be advantaged in that Newfoundland is almost half the distance to Europe than LNG terminals in the Gulf of Mexico and the plant would be powered by hydro-power, keeping emissions minimal, Power said.

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