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3899 - CIMC Enric Holdings News Story

HK$6.06 0.3  5.8%

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Mid Cap
Market Cap £1.08bn
Enterprise Value £941.0m
Revenue £1.37bn
Position in Universe 858th / 6093

Canada's first LNG export to China on its way by container

Thu 23rd November, 2017 1:34am
By Julie Gordon 
    VANCOUVER, Nov 22 (Reuters) - British Columbia has sent its 
first shipment of liquefied natural gas to China, part of a 
pilot project to test the feasibility of small-scale LNG exports 
by container ship from the Pacific Coast province to global 
markets, FortisBC  FTS.TO  said on Wednesday. 
    The relatively small shipment of 950 gigajoules of gas, 
roughly 17 tonnes of LNG, is from FortisBC's Tilbury plant in 
the Vancouver suburb of Delta. It was marketed and shipped by 
Vancouver's True North Energy Corporation and China's CIMC Enric 
Holdings Ltd  3899.HK . 
    Because the LNG is being transported by container rather 
than on a tanker, there is no need for massive export and import 
terminals. Once the container arrives in China, it can be moved 
by rail, truck or barge to its final destination, said Calvin 
Xu, chief executive of True North Energy. 
    "This creates a much more flexible source of LNG supply to 
the end users," said Xu. "Buyers can import LNG directly in a 
small scale without having to invest in billions of dollars in 
LNG receiving infrastructure."  
    Fortis is in the midst of C$400 million ($315 
million)expansion at its Tilbury LNG plant, which will boost 
capacity at the facility to 250,000 tonnes per annum (TPA).   
    Most of that LNG will used domestically, for transport and 
powering remote communities, though some will be available for 
small-scale exports to smaller industrial users in Asia, whether 
on a spot basis or on long-term contracts, said Doug Stout, vice 
president of market development at FortisBC.  
    "These ISO container markets are quite attractive because 
they look a lot like filling tanker trucks to serve domestic 
markets," said Stout.  
    Fortis is separately contemplating a larger expansion at 
Tilbury, which would include export facilities. While dozens of 
LNG export terminals have been proposed for the West Coast of 
Canada, so far none have moved to construction. 
($1 = 1.2698 Canadian dollars) 
 (Reporting by Julie Gordon; Editing by Lisa Shumaker) 
 ((; 604-396-7906;)) 
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