{"text":[[{"start":11.24,"text":"Canada has secured significant investment to expand its flagship liquefied natural gas project in a boost for Prime Minister Mark Carney’s ambitions to increase the country’s energy exports beyond the US."}],[{"start":23.24,"text":"Shell and the four other companies in the LNG Canada consortium said on Tuesday that they had reached a final investment decision to double the production capacity of the project in the west of the country to 28mn tonnes a year, equivalent to the annual LNG imports of India."}],[{"start":39.28,"text":"LNG Canada called the move a “nation-building investment” that would help propel the country towards becoming one of the world’s top five LNG exporters, from 19th last year."}],[{"start":49.6,"text":"Tim Hodgson, Canada’s energy and natural resources minister, called the decision to proceed with the second phase, predicted to cost between $21bn and $23bn, a “massive vote of confidence in Canada”."}],[{"start":62.32,"text":"Carney’s plans to sell more gas to Asia and Europe are part of a strategy to counter escalating trade tensions with President Donald Trump and reduce its reliance on the US."}],[{"start":72.68,"text":"The Canadian government previously said it expected the second phase of the project, which is expected to commence in the early 2030s, to attract C$33bn (US$23bn) in private sector capital."}],[{"start":85.16,"text":"Mitsubishi Corporation, which holds 15 per cent equity in LNG Canada, estimated that the cost for its share of phase 2 was $3.2bn. That would imply an overall project cost of $21.3bn. China’s PetroChina, South Korea’s Kogas and Malaysia’s Petronas are the other members of the consortium."}],[{"start":104.72,"text":"LNG Canada is seen by Asian countries as vital to bolstering energy security at a time when gas supplies from the Middle East have come under threat and US-aligned nations want to reduce dependence on Russian gas."}],[{"start":117.4,"text":"Potential projects from Mozambique to the US have received a boost from the conflict in the Middle East, which is restricting supplies from Qatar and Abu Dhabi, which normally supply about a fifth of global LNG."}],[{"start":129.12,"text":"Higher oil prices as a result of the war have boosted the finances of energy majors, with many choosing to invest in LNG, where demand is expected to remain robust."}],[{"start":138.48,"text":"Gas prices have climbed in response to the conflict, with European benchmark gas trading above €70 per megawatt-hour, more than double its prewar level."}],[{"start":147.88,"text":"The first exports of gas from LNG Canada began last year, although phase 1 of the project was plagued by delays and cost overruns."}],[{"start":162.64,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1790683180_5636.mp3"}