The Abraham Group LLC Hosts Second Annual LNG Summit05/08/07
WASHINGTON. Three of the world’s largest liquefied natural gas (LNG) exporting countries met today with U.S. industry and utility executives to explore future supply and demand.
Energy ministers from Qatar, Algeria, and Trinidad & Tobago exchanged views with executives from two dozen U.S. companies, trade associations, and state utility commissioners including New York and Ohio on future LNG supply trends and U.S. natural gas demand growth.
Such high-level officials as Qatari Second Deputy Premier and Minister of Energy & Industry Abdulla Bin Hamad Al-Attiyah and former Federal Reserve Bank Chairman Alan Greenspan participated. Algerian Minister of Energy & Mines Chakib Khalil and Senator Dr. Lenny Saith, Minister of Energy & Energy Industries in Trinidad and Tobago also highlighted their countries’ plans to expand LNG exports.
This second annual Producer-Consumer Summit on LNG was hosted by The Abraham Group LLC, an international strategic consulting firm headed by former Secretary of Energy Spencer Abraham. It was sponsored by Houston-based energy company Cheniere Energy, Inc., in conjunctions with the American Gas Association and the Edison Electric Institute.
U.S. companies and utilities emphasized their needs for increasing quantities of imported LNG as U.S. demand for gas increases while domestic production and imports from Canada decline. Both sides discussed current U.S. regulatory constraints to entering into the kinds of long-term contracts required to finance multi-billion dollar LNG projects, and observed that the cost of liquefaction plants was rising dramatically due to shortages of high-grade steel as well as engineers and skill construction crews. In addition, producers noted that the U.S. will be competing against established LNG importers such as Japan and South Korea, as well as new market entrants such as China, India, the United Kingdom and Germany.
Both producers and consumers expressed their appreciation to Secretary Abraham, who chaired the event, for the unique opportunity of directly discussing these issues at such a senior level.
Key Participants included:
H.E. Senator Dr. Lenny Saith
H.E. Abdullah Bin Hamad Al-Attiyah
H.E. Chakib Khelil
Commissioner Robert Curry Jr.
Commissioner Donald Mason