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Chiyoda releases optimistic LNG forecast

LNG Industry,

Japanese LNG engineering company, Chiyoda Corp, posted a 6% decline in the company’s nine-month net income compared to last year, however issued a positive assessment for the liquefied natural gas industry in 2014 and beyond.

“During the first nine months of the fiscal year, we saw a continuing sense of uncertainty in the world economy due to the future policy trends of USA and increasing geopolitical concerns. However, a number of investment plans in gas-related facilities remain active, encouraged by the long-lasting increase in energy demand, the shale revolution and the tide of the shift to gas.

“The Japanese economy has gradually recovered, largely due to the measures taken under the government's new growth strategy to pull Japan out of deflation and correct the yen's appreciation.

US market

The company stated that it entered into the US market as part of its “drive to become involved in the planned construction on numerous LNG projects throughout the world, especially in North America.”

Project execution of ongoing projects continued without disruption in the nine-month period, including LNG plant in Papua New Guinea and Australia, a number of overseas projects for Japanese clients, and LNG receiving terminals in Japan.

LNG highlights include:

  • Chiyoda entered into the North American market by participating in the EPC of an LNG plant in the US.
  • The company is also executing the EPC work of an LNG plant in Papua New Guinea and another LNG project in Australia.
  • The group is carrying out FEED works for an onshore natural gas liquefaction facility in Mozambique, as well as a FLNG facility in Indonesia.
  • Chiyoda’s Qatari subsidiary is working on the maintenance and modification works for existing LNG and gas processing plants built mainly by the group.
  • In Japan, several EPC works are ongoing on LNG receiving terminals in addition to the expansion and modification works for existing plants.

Edited from various sources by Katie Woodward

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