By:
Sharon Epperson,
Judy Gee: Published: Thursday, 15 Nov 2012 | 1:23 PM ET
With natural gas trading near a one-year high,
Royal Dutch Shell, one of the world’s largest integrated oil and gas companies, is making a big bet on the future of the cleanest of all fossil fuels.
In an exclusive interview on CNBC’s “
Squawk Box,” Shell CEO Peter Voser said his company
[RDSA 2075.50 -24.50 (-1.17%) ] plans to invest $20 billion in natural gas products globally over the next three years. (Read More:
Can the Natural Gas Sector Save the US Economy?)“We are pursuing four options here in the U.S. to do something with the natural gas,” Voser said. “First, is to go into chemicals which then can be used for manufacturing industries. Second, using gas to go into liquids, generating synthetic diesel, base oils. Third, gas into transports for trucks and shipping industries. And finally, LNG (liquefied natural gas) exports out of the U.S.”
For Shell, which began its investment in natural gas in 2005 when oil was a mere $40 a barrel and natural gas skyrocketed to $13, the advantages of gas are very clear.
Natural gas futures rallied to the highest level of the year for a front-month contract before slipping slightly Thursday after the U.S. Energy Department reported the first winter heating season gas storage withdrawals. Forecasts for much colder temperatures across the East over the next week helped spur a three-day rally this week. read more
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