GASTECH: LNG prices are much lower now but are still high on historical basis-Shell exec

SINGAPORE : Global liquefied natural gas (LNG) prices have reduced significantly but are still high on a historical basis which is resulting in demand destruction, particularly in Asia, a senior executive of Shell said on Wednesday.

The sentiment in the market has improved over the last year but conditions are still fragile, Steve Hill, the company’s executive vice president, told the Gastech conference.

Shell is looking to increase LNG volumes by 20 per cent-30 per cent by the end of the decade, said Cederic Cremers, executive vice president of Shell’s LNG business.

He added that the additional capacity is primarily coming from phase 1 of LNG Canada, two projects with Qatar Energy in Qatar and an additional LNG train in Nigeria.