The Strategist

Canada to speed up its LNG project

03/29/2022 - 10:00

Executive Director Leo Power: Canada's LNG project could be accelerated.

Leo Power, executive director of LNG Newfoundland and Labrador Limited, told Bloomberg that an LNG project in eastern Canada could be accelerated because of increased demand for gas in Europe.

He said the C$5.5 billion project at Grassy Point could be pushed from 2030 to 2028.

The shipping terminal would produce up to 2.6 million tons of LNG per year.

Power said the advantage of the project is that Newfoundland is almost twice as close to Europe as the LNG terminals in the Gulf of Mexico, and the plant would be hydro-powered, which would keep emissions to a minimum.