Workers at Chevron Corp.’s liquefied natural gas facilities in Australia gave notice Monday to resume strikes, a move that could disrupt supplies and send prices higher.
Unions gave notice that members will begin industrial action at the company’s Gorgon and Wheatstone plants in seven working days, said an official from Offshore Alliance, which represents the labor groups. Unions are required to submit a notice before stoppages.
Workers voted last week to reinstate strikes after they criticized the company’s efforts to finalize an agreement on pay and conditions.Renewed strike action revives the risk of interruptions to shipments from Australia — one of the world’s biggest exporters of the fuel — at a crucial time of year. The two LNG plants made up 7% of global LNG supply last year.
Still, no LNG cargoes were missed during previous strikes, and it is unclear if a new round of walkouts will affect exports. While the threat of stoppages sent gas prices surging last quarter, the most recent developments haven’t had such a pronounced impact.The global sell-off in bonds is a sign of acceptance that higher interest rates will be around for longer, experts say, noting that the shift holds implications for borrowing rates and mortgage holders.
The United Auto Workers union has decided not to expand its strikes against Detroit's three automakers after General Motors made a breakthrough concession on unionizing electric vehicle battery plants.The CEO of Enbridge Inc. is calling on the federal government to create a national Indigenous loan guarantee program to help First Nations communities in Canada acquire equity stakes in major resource and infrastructure projects.
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