Word: lng
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...West Shelf to Guangdong province: the start of a 25-year, $A25 billion contract that took many Australians by surprise when it was announced in 2002. The country's largest ever export deal, it was negotiated by Australia's Woodside Petroleum with the help of the Australian government. Other LNG projects are now in the works, with China a key customer...
...LIQUEFIED NATURAL GAS: BACK TO THE FUTURE. To meet the surging demand for natural gas in the short term, Greenspan does see a solution: liquefied natural gas (LNG). He has told Congress that "given notable cost reductions for both liquefaction and transportation of LNG, significant global trade is developing. And high gas prices projected in the American distant futures market have made us a potential very large importer...
Translation: Because natural-gas prices are going up--and are going to stay up--it's now time to bring in more expensive LNG from the Caribbean, the Middle East, Africa and possibly Russia. To import natural gas, it must be chilled to minus 260°F, which converts it to a liquid and reduces its volume. An amount that would normally fill a beach ball can fit inside a Ping-Pong ball. When the liquid arrives at terminals in the U.S., it is slowly warmed up, returned to a vapor form and sent through pipelines...
...tried to build an LNG supply line once before but, in typical fashion, abandoned it. During the last natural-gas shortage in the 1970s, when lawmakers voted to ban its burning to generate electricity, they also encouraged the establishment of the LNG industry with taxpayer-guaranteed loans and grants. Special tankers, the most expensive ships in the world at the time, were built along with four terminals and re-gasification facilities at Cove Point, Md., near Baltimore, as well as in Georgia, Louisiana and Massachusetts. The first LNG shipments arrived in 1978. In April 1980, Morris Udall, the Democratic Representative...
...series of events conspired to derail the policy. The Algerians, who shipped the LNG, jacked up the price. The Carter Administration and the natural-gas and pipeline companies balked at paying more. After months of fruitless negotiations, the deal unraveled. The ships went elsewhere. Cove Point and two other plants closed. It was the end of the LNG experiment. But the shortage has triggered a scramble to reverse course. Today Cove Point is being expanded and will reopen soon. The plants in the three other states are already open, and plans are on the drawing board for two dozen more...