Canada's Woodfibre LNG project to be operational by 2028, says Canada official
O'Brien added that the project is poised to be the world's first net-zero LNG facility.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
12 minutes ago
- Reuters
Venture Global LNG expects to win remaining arbitration cases against major energy companies
HOUSTON, Aug 13 (Reuters) - Liquefied natural gas producer Venture Global (VG.N), opens new tab expects to win its remaining arbitration cases against major energy companies following its victory against Shell (SHEL.L), opens new tab, CEO Mike Sabel said on Wednesday. The Arlington-based company's stock rose 8% at midday, a day after it won the legal battle over Shell's failure to deliver LNG under long-term contracts starting in 2023. The remaining cases are over similar contract disputes with companies that include BP (BP.L), opens new tab, Edison ( opens new tab, Orlen ( opens new tab, Repsol ( opens new tab and Galp ( opens new tab. "We remain confident of similar outcomes in the balance because it's the same contracts and facts around construction, and the facts around the completion of the facility are all the same," Sabel told investors on an earnings call. The energy companies filed arbitration claims against Venture Global starting in 2023, accusing it of profiting from LNG sales on the spot market while not providing them with their contracted cargoes from its Calcasieu Pass export facility in Louisiana. The companies accused Venture Global of profiteering by selling commissioning cargoes at higher prices on the spot market, rather than lower prices set under long-term contracts. Venture Global denied the claim, saying it delayed moving to commercial operations because of a faulty electric system that did not allow the plant to operate optimally. "This was an unnecessary distraction because this contract language has always been clear and standard," Sabel said. Venture Global is the second largest LNG exporter in the U.S. It expects that by 2027 it will surpass Cheniere (LNG.N), opens new tab as the largest LNG company in North America and plans to produce over 100 million metric tons of the superchilled gas by 2030, Sabel said. To get to 100 million metric tons per annum, Venture Global will expand its 28 million mtpa CP2 export facility under construction and build a 10 mtpa CP3 export plant, he said. Venture Global also plans a 24 mtpa expansion project at its Plaquemines export facility, also in Louisiana, but CP3 will be built before Plaquemines Phase 2 because it will be easier and quicker to contract the volumes required to get to a positive financial decision on the CP2 project, said Sabel. Wage and supply chain inflation, high interest rates and tariff uncertainty are pressuring construction costs for its CP2 expansion project, and the price tag has increased to between $28.5 and $29 billion from between $27 billion and $28 billion, Chief Financial Officer Jonathan Thayer said during the earnings call. CP2, which began construction just over a month ago, is ahead of schedule, with two of its liquefaction plants, or trains, already built and in storage, said Sabel. Another two are almost complete in Italy, he added. With the three LNG export plants under construction or built, Venture Global will have at least 17 mtpa of the superchilled gas not under long-term contracts, which it can sell on a short-term basis or on the spot market, said Sabel.
BBC News
12 minutes ago
- BBC News
Air Canada to begin cancelling flights ahead of potential strike
Canada's largest airline will begin suspending flights on Thursday after the union representing its flight attendants issued a 72-hour strike notice. Air Canada will begin gradually suspending flights over that period, the carrier said, warning that passengers without confirmed flights should not go to the airport. The Canadian Union of Public Employees (CUPE), which represents 10,000 Air Canada flight attendants, provided a strike notice early on Wednesday after reaching an impasse in contract union said that it has bargained in good faith but Air Canada "refused to address" core issues, such as proposals on wages, and unpaid work. The airline said on Tuesday night that it had received a union counteroffer seeking "exorbitant increases" and that CUPE had rejected an offer to enter binding, third-party strike is set to begin at about 01:00 EST (05:00 GMT) on airline - which operates in 64 countries with a fleet of 259 aircraft - said the unplanned shutdown is "a major risk" to the company and its employees. The flight disruption could affect 130,000 daily customers, including 25,000 Canadians, amid the peak summer travel period."By optimally positioning aircraft and crews ahead of a possible stoppage, Air Canada will be able to provide required routine maintenance and more quickly restore regular service," the Montreal-based company said on Wednesday in response to the strike first Air Canada and Air Canada Rouge flights will be cancelled on Thursday, with additional flights on Friday also expected to be grounded.A "complete cessation of flying" will begin on Saturday, the airline said. Air Canada Express flights, which carry about 20% of Air Canada's daily customers, will not be whose flights are cancelled will be notified and will receive a full refund, the airline said. The company has also made arrangements with other Canadian and foreign carriers to provide customers alternative travel options. Customers will be notified of alternative options, but they could take time or might not be immediately possible. Toronto's Pearson International Airport - Canada's largest airport - said on Wednesday on X that it is closely monitoring the situation, and advised travellers to check directly with Air Canada for flight information. In contract negotiations, the carrier said it offered flight attendants a 38% increase in total compensation over four years, with a 25% raise in the first year. CUPE said the offer is "below inflation, below market value, below minimum wage" and would still leave flight attendants unpaid for some hours of work, including boarding and waiting at airports ahead of union asserted that it has bargained in good faith with the airline for more than eight months but Air Canada instead sought government-directed arbitration."When we stood strong together, Air Canada didn't come to the table in good faith," CUPE said in a statement to its members. "Instead, they called on the federal government to step in and take those rights away."Earlier this month, 99.7% of employees represented by the union voted for a strike.
The Guardian
42 minutes ago
- The Guardian
Air Canada cancels flights during peak travel season ahead of flight attendant strike
Canada's largest airline has started cancelling flights during the peak summer travel season ahead of a strike by more than 10,000 flight attendants over what they say are 'poverty wages' and unpaid labour for work when planes aren't in the air. Air Canada said it would start suspending flights on Thursday ahead of full shutdown on Saturday after the flagship carrier and the union representing the flight attendances failed to resolve a months-long dispute over pay and working conditions. About 130,000 customers a day could be affected by a disruption, according to the airline. Air Canada and the Canadian union of public employees (CUPE) have been negotiating a new collective agreement for flight attendants since March. Among the unresolved issues are wages and compensation for work carried out on the ground. Flight attendants are currently not paid for any work before or after the plane takes off. Air Canada's vice-president of corporate communications told CBC News on Tuesday that there was a 'huge gap' between the two sides. Air Canada says it has offered 'an increase of more than 38% on global compensation', but the union says that figure still fails to fully account for inflation. Air Canada also said it was willing to pay flight attendants 50% of their wage for work done before planes take off, but Cupe says its members should be fully paid for that labour. Earlier this week, the union representing Air Canada's flight attendants declined Air Canada's request to resolve negotiations through arbitration. Under that scenario, a third-party arbitrator would weigh proposals from each side and then make a final decision that both the union and Air Canada would have to accept. 'Despite our best efforts, Air Canada refused to address our core issues,' the union said after it rejected the request for arbitration. Air Canada says its decision to gradually suspend flights will allow for an orderly winding down of operations. The airline said it has also made arrangements with other carriers to give customers possible alternative travel options amid one of the year's busiest travel periods. 'We regret the impact a disruption will have on our customers, our stakeholders and the communities we serve,' said Michael Rousseau, Air Canada's chief executive, in a statement. Canada's federal minister for jobs and families, Patty Hajdu, said in a social media post on X Tuesday evening that she was monitoring the situation, but that the federal government wasn't stepping in. 'The best agreements are the ones the parties reach themselves,' she wrote.
