CNOOC Venture to Build Second LNG Terminal in Guangdong

Source: CRIENGLISH.com

China National Offshore Oil Corp, the nation's third-biggest oil producer, has set up a joint-venture with other partners to build a 10 billion-yuan liquefied natural gas (LNG) terminal in southern China.

CNOOC Gas & Power, a unit of China National Offshore, holds a 25 percent stake in the newly established Guangdong Zhuhai Jinwan LNG Corp, with Guangdong Yudean Group holding another 30 percent.

The facility is Guangdong's second LNG terminal and will bring natural gas to the Pearl River Delta region, according to Guangdong Yuedean. Guangdong Zhuhai will be designed to receive three million tons of LNG a year in the first phase. Capacity will rise to seven million tons in the second phase and over 10 million tons in the long term.

Chinese companies are planning more than 10 LNG receiving terminals on the eastern and northern coasts the Mainland.

China National Offshore started operating the company's first terminal in Shenzhen in May 2006. Guangdong Dapeng LNG gets most of its LNG from Australia, which has a contract to supply China with about 3.7 million tons a year.

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Editor: Carrot Chan