Virgin Australia bondholders seek to stop private equity sale

Virgin Australia bondholders seek to stop private equity sale
Virgin Australia bondholders seek to stop private equity sale

Thank you for reading the news about Virgin Australia bondholders seek to stop private equity sale and now with the details

Jeddah - Yasmine El Tohamy - MELBOURNE: The gas industry sees no change to the strong long-run outlook for demand following the COVID-19 crisis, but expects a supply shortfall in the next four years as the lockdowns and oil price collapse lead to delays on gas projects.

Gas producers, buyers, liquefied natural gas (LNG) developers and a major contractor said in the long run the fuel will be needed to back up wind and solar power, replace coal-fired power, and produce hydrogen globally.

“We see the need for substantial investment in new projects and new liquefaction,” Exxon Mobil Corp’s Australia chairman Nathan Fay said at Credit Suisse’s annual Australian Energy Conference.

However, lingering uncertainty following a crash in LNG prices to record lows this year below $2 per million British thermal units (mmBtu) means only the lowest cost LNG projects will go ahead, major producers said.

More than 140 million tons of projects worldwide have been deferred. In Australia and Papua New Guinea alone, five are on hold — Exxon’s expansion of PNG LNG twinned with Total SA’s Papua LNG, Woodside Petroleum’s Scarborough and Browse, and Santos Ltd’s Barossa.

“It’s everything to play for — so a very bullish outlook on gas,” said Martin Houston, vice chairman of US LNG developer Tellurian, which recently deferred a final investment decision on its US Driftwood LNG project to 2021.

Japan’s Chiyoda, a major contractor to LNG projects, said work has largely dried up and there would need to be stability in the market before developers move ahead with projects.

“To be perfectly honest, we don’t see any green shoots right now,” said Chiyoda Oceania’s president Andrew Tan.

Royal Dutch Shell sees short term concerns weighing on everyone’s decisions about new projects. Shell Australia chair Tony Nunan said: “I’m sure all companies, all operators or producers across the globe are going to be focused on that affordability question just because of the uncertainty they see in the macro markets.” 

Research firm Rystad Energy said with gas prices around the world still trading near $2 per mmBtu, LNG developers with all but the lowest costs will hold off on new projects.

“But that will again cause a shortfall for the LNG market four or five years down the road,” Rystad’s head of analysis, Per Magnus Nysveen, told the conference.

These were the details of the news Virgin Australia bondholders seek to stop private equity sale for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Saudi Arabia to allow Boeing 737 MAX to return to service