Uchenna Izundu
International Editor
LONDON, July 3 -- ExxonMobil Corp. plans in August to move the gravity-based Adriatic LNG regasification terminal to the Adriatic Sea off Italy.
This will be the world's first offshore gravity-based regasification terminal, with capacity to supply 10% of Europe's LNG needs.
Speaking at the World Petroleum Congress in Madrid, Rex Tillerson, chief executive of ExxonMobil, said that construction of the 6-million-tonne/year terminal was nearing completion. Innovative partnerships and technologies with leading energy companies around the world have positioned ExxonMobil to be a key LNG supplier to different regional markets.
The company has developed Q-Max technology with Qatar Petroleum that increases the LNG ship cargo capacity by 80%.
"Not only will a global LNG market help supply increasing energy demand, it will also strengthen global energy security by helping to diversify supplies. And because it is cleaner-burning than other conventional sources, natural gas has important environmental advantages as well," Tillerson said.
However, he stressed that energy efficiency was crucial in helping to meet the world's energy demands because it extends the life of resources, reduces greenhouse-gas emissions and energy prices, and strengthens energy security.
The company has invested more than $1.5 billion on energy efficiency since 2004 and has budgeted at least $500 million on additional initiatives over the next few years.
ExxonMobil also will work with vehicle manufacturers to develop transportation technologies that can improve fuel economy and reduce emissions.
Contact Uchenna Izundu at [email protected].
