Bank head rejects pessimism over Aussie LNG
THE global head of commodities at the world's biggest trade bank has rejected the growing pessimism over the future competitiveness of Australia's liquefied natural gas industry, insisting the country has a "tremendous" advantage to compete against the United States and others.
Brisbane Times reports Jean-Francois Lambert, the London-based head of commodities and structured trade financing at HSBC, said the costs involved in investing in LNG supply facilities in the US, and the expense of shipping and logistics, were being underestimated.
Exports from the US also were taking longer to start up and reach the market than initially anticipated.
"Whatever happens in the States it is not going to happen fast, and even if the States were going to move into a very aggressive export of LNG, which I doubt, I think the competitive edge of Australia is going to remain massive," Mr Lambert said in an exclusive interview in Sydney.
Mr Lambert also said the sentiment about oil demand, amid the recent sharp drop-off in crude oil prices, was overly pessimistic, pointing to higher crude oil prices down the track.
Read the full story at the Brisbane Times.