Shell (SHEL) to Shut Prelude FLNG Over Industrial Dispute
Zacks Equity Research: Wed, July 13, 2022, 11:16 AM
Shell plc SHEL announced that it would not be able to supply liquefied natural gas (“LNG”) cargoes from its Prelude facility to its customers as the company would completely shut down its Prelude FLNG vessel, offshore Western Australia, due to unions’ escalating industrial action, which has now been extended to Jul 21.
The Offshore Alliance, which is made up of 150 union members earning more than $200,000 a year, told Shell that the workers intended to ban mooring tankers, alongside the vessel, as part of their protected action this week. The ban will disallow SHEL from unloading LNG and LPG from its storage tanks, which are anticipated to reach full capacity going forward. read more
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