The first major liquefied natural gas (LNG) project to be approved globally in five years will be built in Canada, but its underlying philosophy appears to be more closely allied to the Australian concept of “she’ll be right, mate.” The LNG Canada project was given the green light on Tuesday by Royal Dutch Shell, which is leading the $31 billion venture along with partners Petronas, Mitsubishi, PetroChina and Korea Gas. What makes the first export plant on Canada’s west coast different to the last wave of LNG projects is that it isn’t underpinned by long-term sales contracts. These agreements had been necessary in the past to provide a level of certainty to the oil and gas companies, and their financiers, […]