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.
