China CNOOC plans $2.2 bln LNG terminal in east China
BEIJING, (Reuters) - China National Offshore Oil Company, or CNOOC, plans to build a receiving terminal of liquefied natural gas in the eastern province of Jiangsu that is expected to cost 14.4 billion yuan ($2.17 billion), local media reported.
The project, located in the city of Yancheng, will include a berth to anchor 100,000 tonne vessels, land-based storage and a pipeline grid and is expected to be completed in December 2020, the official local newspaper Xinhua Daily reported, without saying how it received the information.
The storage tanks will each have a storage capacity of 220,000 cubic metres, or roughly 90,000 tonnes, the paper said, without giving the total planned storage capacity at the site.
CNOOC, parent of CNOOC Ltd, is China’s largest operator of LNG import terminals.
CNOOC did not immediately respond to request for comment.
The US Energy Information Administration (EIA) reported in April that the US set records for natural gas production in 2017.
- Energy Web Atlas
Since market reforms first started in 1978, China has shifted from a centrally planned economy to a market-based economy, experiencing rapid economic and social development.
Russia aims to ally with Qatar in LNG competition with Australia and other LNG-exporting majors over the coming years.
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