Canada and Mexico target Asian LNG markets while US projects paused

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Financial Times 1d ago

Canada and Mexico target Asian LNG markets while US projects paused - Financial Times

Quick Summary:

Canada and Mexico are drawing tens of billions of dollars of investment to kick-start their liquefied natural gas export industries as a permitting freeze slows the expansion of the sector in the US, the world’s biggest supplier.

LNG Canada was first announced nearly 14 years ago but as US projects raced ahead, Canada lagged behind.“Canada had a lost decade on LNG because it couldn’t get anything permitted,” said Greg Ebel, chief executive of Enbridge, which has a 30 per cent stake in the Woodfibre LNG project.“It still represents a challenge for us to get over in Canada.

Consultancy Wood Mackenzie estimates it will supply 13.5mn tonnes in 2027 and will be a new source of supply to Asia.“Canada is going to be the song on the dance floor for the next couple of years as new projects come online,” Mark Bononi, an analyst at Wood Mackenzie, said.