Page 16 - GLNG Week 06 2023

GLNG NEWS IN BRIEF GLNG

Russian gas major Novatek in late January the signing of a benefits improve operational efficiency and reduce the
carbon footprint and greenhouse gas (GHG)
agreement with the Snuneymuxw First Nation
to delist from LSE band to facilitate the expansion of its Tilbury emissions.
Under the company’s plans, a marine
project at Delta, British Columbia.
Russian natural gas major and top LNG The agreement respects Snuneymuxw’s jetty is also proposed to be built along the
exporter Novatek has applied to the UK rights in relation to the potential project Canadian Pacific Coast to provide ship-
Financial Conduct Authority (FCA) to delist impacts and represents a commitment to loading services for LNG and enabling ship-
its GDRs (Global Depository Receipts) on the share benefits related to the Tilbury projects, to-ship LNG marine fuelling in the Port of
London Stock Exchange (LSE), according to FortisBC said in a statement. Vancouver.
Finmarket.ru. For its part, Snuneymuxw has committed LNG from Tilbury can reduce GHG
The company made this decision due to support the Tilbury projects and participate emissions from ships by up to 27% when
to “the actual suspension of trading in the in regulatory processes and related matters, switching from traditional marine fuel,
company’s global depositary receipts from the statement added. according to the statement.
March 3, 2022”. Following the delisting on the Under the benefits agreement, FortisBC Signing of the benefits agreement is viewed
LSE, the company will retain its listing on the will support members of the Snuneymuxw as a critical element for planned LNG and
Moscow Exchange. community by through educational natural gas pipeline projects in BC, as there
As followed by bne IntelliNews, most opportunities, relevant training and continued are multiple First Nations groups that have
recently the CEO of Novatek, Leonid investments in the community, it said. traditional rights over the land and its habitats
Mikhelson, in an interview to Interfax guided The Tilbury expansion is focused primarily based on traditional treaties.
for a 50% profit boost in 2023. on three main elements: increasing the Indeed, the Haisla First Nation band, in
Renaissance Capital estimated that given gas liquefaction capacity, construction of partnership with Calgary-based Pembina
the current dividend policy and the profit additional storage facilities and a marine jetty Pipeline, is intending to develop the 3mn tpy
guidance, the dividends for 2H22 could project. floating Cedar LNG facility at Kitimat, also in
amount to RUB60/share (5.5% CAGR). Under the Phase 1B expansion, the LNG BC.
The company plans to maintain total capacity of the project will be expanded by
hydrocarbon production in 2023 at 2022 up to 650,000 tonnes per year. Then, under
levels, with oil output anticipated to fall and Phase 2, a further 2.6mn tpy of capacity will Philippines clears
condensate production to rise. At the same be added, along with a new storage tank of
time, LNG production at Yamal LNG plant in up to 142,400 cubic metres to provide back- development of seventh
2023 is planned to decrease by 5% relative to up energy supply. The Phase 2 expansion is
the high base of 2022 (to 20mn tonnes) due to aimed at helping customers switch from the LNG import project
scheduled repairs. use of diesel or coal to lower-emission marine
transportation fuels such as LNG, according Authorities in the Philippines announced
to the statement. on January 27 that they have greenlit the
The existing Tilbury LNG plant is one development of a $67mn small-scale LNG
FortisBC signs benefits of the few facilities using electric drives import terminal to provide a source of fuel
for power generation. It is the seventh such
powered mostly by renewable hydroelectricity
agreement with First Nation to produce LNG. This technology greatly facility to be approved.
In a statement, the Philippines’
reduces the carbon intensity of the LNG
group produced, FortisBC said, adding that the Department of Energy (DOE) said it had
proposed expansion would use electric drives
issued a notice to proceed to Samat LNG
Canadian LNG producer FortisBC announced as well as other technologies designed to Corp., which intends to build the terminal

P16 www. NEWSBASE .com Week 06 10•February•2023