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Wall Street Journal Japan VGweb .pdf


Nom original: Wall Street Journal Japan - VGweb.pdf
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Auteur: Sylvain.Guerin

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Japan Official Predicts LNG Projects
Will Start Moving Again
By Mari Iwata.

TOKYO--Sidelined for months by low crude oil prices, liquefied natural gas
projects worldwide are set to stage a comeback, a senior Japanese government official
predicts.
Ryo Minami, oil and gas director at Japan's Ministry of Economy, Trade and Industry, is
in a unique position to make such a forecast. As the person responsible for all lowinterest rate loans made by the government to Japanese companies for energy projects, he
has a bird's eye view of the economics behind major projects that Japanese buyers are
exploring.
He said that the catalyst that will cause dormant LNG projects to spring to life is a fall in
export plant construction costs.
"Whether an LNG project makes economic sense doesn't just depend on crude oil prices.
Construction costs follow oil price falls by a few months," Mr. Minami said.
Most conventional LNG projects link LNG prices to crude oil. A roughly 50% drop in
crude oil prices has squeezed the profits of projects in countries such as Australia, Russia,
Qatar and Malaysia.
On Friday, for example, Alexei Miller, chief executive of Russian gas giant OAO
Gazprom (GAZP.RS), said his company is postponing the Vladivostok LNG project,
which was proposed in the aftermath of the Fukushima accident in 2011 targeting
Japanese demand, because the company wants to focus on building pipelines for gas
delivery to China.
But Mr. Minami said he sees little impact by the decision to scrap the plan, adding the
current doldrums in LNG projects won't continue for long. He declined to discuss the cost
of any specific project, but said the cost from workers' wages to steel prices and leasing
construction equipment fees have already fallen as several on-going LNG projects are
nearing completion.
According to estimates by London-based business consultancy visiongain, new
conventional LNG projects such as OAO Novatek-led Yamal in Russia and Anadarko
Petroleum Corp.-led Mozambique are estimated to cost about $1.5 billion per 1 million

tons a year. These figures are much lower than the costs of projects that given the green
light during the last LNG investment boom around 2010.
For example, the Chevron Corp.-led Gorgon project and the Inpex Corp.-led Ichthys
project, both in Australia, cost about $3.5 billion and $4 billion for the same capacity,
respectively.
Demand from China is not rising as quickly as previously expected. Wood Mackenzie
revised down its forecast earlier this month for China's 2020 natural gas demand to 360
billion cubic meters from 420 billion cubic meters, citing factors such as low oil prices
and high domestic gas prices.
But Mr. Minami said he thinks that economic growth in China and India would likely
boost LNG demand sooner or later. The Organization for Economic Cooperation and
Development projects that the Chinese economic growth to slow to 7.10% this year
compared with 7.35% in 2014 and 7.69% in 2013. But "it is still a big growth compared
with Japan, where LNG demand has matured," he said.

Mari Iwata
WSJ日本版 - DowJones Newswires


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