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Canada’s nascent LNG export industry continues to inch forward, despite low commodity prices and speculation of sagging interest in the country’s natural gas resources.
Two projects — on the West Coast, the other on the East Coast — provided some good news this week for a Canadian liquefied natural gas industry that has been weakened over the past year as major companies slashed capex budgets and liquefied natural gas prices fell in tandem with crude oil prices over the past year.
MUMBAI: Tata Housing is in advanced-level talks with a few institutional investors to raise Rs 3,200 crore for its upcoming premium and luxury residential projects across top five cities. The real estate developer is vetting final-stage proposals submitted by private equity funds Macquarie, JP Morgan, Standard Chartered and Morgan Stanley, a pension fund and a sovereign wealth fund. The capital pool could be raised from one fund or a consortium of investors, three people close to the development told ET.
Given the pipeline of projects, 2015 could end up being remembered as the year of public private partnerships – the so-called P3s.
Short lists are being completed for large and expensive projects in many provinces. There’s $8 billion up for grabs in Toronto via the Eglinton-Crosstown light rapid transit; potentially $5 billion that’s set to be awarded for the construction of a new Champlain Bridge in Montreal and another $2 billion for an LRT system in Edmonton.
As well, some projects will come from provinces relatively new to the world of P3s.
New Jersey-based Nautilus Solar Energy LLC, which defines itself as “a leading full service energy solutions provider,” is expected to announce that it has closed a US$39 million non-recourse construction and term facility with Rabobank on Friday.
Woodfibre LNG Ltd. may move ahead with a project by the end of the year that could make it one of Canada’s first exporters of liquefied natural gas.
Woodfibre, backed by Indonesian billionaire Sukanto Tanoto’s RGE Group, is in talks to sell Guangzhou Gas Group Co. 1 million metric tons per year of LNG for 25 years, starting in 2020. As part of a preliminary agreement signed Monday, Guangzhou Gas is also considering acquiring a 10 per cent stake in the project on Canada’s West Coast.
Canadian heavy crude traded below US$40 a barrel for the first time in five years just as surge of new projects are scheduled to start operation.
A total of 14 new oilsands projects are scheduled to start next year with a combined capacity of 266,240 barrels a day, according to data published by Oilsands Review. That’s 36 per cent more than was started in 2014.
CALGARY — Statoil has put its Corner oil sands project on hold for at least three years as it grapples with rising costs.
The decision means about 70 jobs will be cut, the Norwegian energy firm said Thursday.
In a statement on its website, Statoil said improvements have been made to the project, but it has decided not to go any further at this stage.
“Costs for labour and materials have continued to rise in recent years and are working against the economics of new projects,” said Statoil Canada country manager Stale Tungesvik.
With an enterprise value of at least $500-million, the Grand Renewable Solar Project has already made a little history: The Ontario-based project which is being developed as a three-way partnership between Samsung Renewable Energy, Connor Clark & Lunn Infrastructure and Six Nations is the largest solar project developed in Canada and one of the largest in North America.