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Pilot boats and tug boats guide the first ship from the Santos Ltd-owned US$18.5 billion Gladstone liquefied natural gas project as it sails from Gladstone, Australia. The first cargo left yesterday, making it the second of seven new Australian LNG projects putting the country on track to overtake Qatar as the world’s top LNG exporter in the next three years. The launch was a rare piece of good news for Santos Ltd, the operator of the project, which is racing to sell assets to cut its US$8.8 billion in net debt to help it ride out what is expected to be a prolonged period of weak oil prices. The maiden cargo from the world’s second LNG plant fed by coal seam gas is headed to KoreaGas Corp in South Korea, one of the partners in Gladstone LNG. — Reuters...
October 17, 2015, Saturday
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