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Shell suspends development of Canada's Jumping Pound gas liquefaction unit

Reuters - UK Focus

LONDON, July 18 (Reuters) - Royal Dutch Shell (Xetra: A0ET6Q - news) said it has suspended development of a liquefaction unit at Canada's Jumping Pound facility, which was to be used to develop the emerging gas for transport market.

"We believe LNG (liquefied natural gas) in transport is a considerable opportunity for Shell (LSE: RDSB.L - news) , but it is an emerging market and we must have a balanced approach to its development," a company spokseman said. "We have suspended development of the liquefaction unit at the Jumping Pound facility."

He added that it was continuing work in the Canadian Green Corridor project and the retail LNG program with Shell Flying J in Canada.

The shale gas production boom has pulled down natural gas prices in North America, making LNG competitive with oil in the transport sector, but development costs remain high.

(Reporting by Henning Gloystein and Ron Bousso, editing by William Hardy)