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Asia LNG prices to continue rising-Shell CEO Voser

Mon Oct 31, 2011 6:07am GMT

Oct 31 (Reuters) – Oil major Royal Dutch Shell Plc (RDSa.L) expects prices of liquefied natural gas (LNG) in Asia to continue rising and refining margins to stay under pressure in 2012, its chief executive said on Monday.

“LNG prices are rising and we see this continuing,” Peter Voser told Reuters on the sidelines of the Singapore International Energy Week (SIEW).

Shell is working on new supply sources and that could influence prices in the longer term. The oil major has bought a marine terminal on Canada’s Pacific Coast as a possible site to export LNG to Asia.

Voser also said that new refining capacity coming online next year would cap margins.

“Refining is a cyclical business and there is significant capacity coming onstream,” he added. “It also depends on demand. I would say refining margins will be under pressure next year.”

Voser said he was optimistic that the global economy would continue to grow and did not expect a hard landing for China‘s economy.

“I am confident that the economy of China will grow in line with the aspirations of the Chinese people,” he added.

(Reporting by Francis Kan and Jessica Jaganathan; Writing by Miral Fahmy; Editing by Michael Urquhart)

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