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Shell chairman Andrew Mackenzie says the global energy crisis and instability in the Middle East could create a major opportunity for Australia’s LNG industry, as global buyers seek to diversify supply away from the Gulf region.
Following disruptions to LNG shipments through the Strait of Hormuz, which carries about 20 per cent of global LNG trade, Mackenzie said Australia and Canada were well positioned to attract new investment due to their stability and proximity to growing Asian demand.
However, Mackenzie warned that Australia must maintain an attractive investment environment.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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