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PetroChina in deal to run 1st east China LNG terminal

(Agencies)
Updated: 2009-03-16 15:49

PetroChina has signed a deal to set up a joint venture to run its first liquefied natural gas (LNG) terminal in eastern China scheduled to be operational at the end of April in 2011.

Related readings:  Chinese, Qatari firms ink gas deals  China Shipping, CNPC announce LNG venture  China to import more LNG from Qatar to meet domestic demand  Oil firms expect more profits in 2009

The terminal would be mainly fed by fuel imports from Qatar, a report on the website of CNPC, PetroChina's parent, said.

Qatargas, together with partner Royal Dutch Shell, agreed in April 2008 to sell 3 million tons of LNG a year to PetroChina from 2011 for 25 years.

PetroChina will take a 55 percent stake in the joint venture, while Hong Kong-based Pacific Oil and Gas Limited holds 35 percent and Jiangsu Guoxin Investment Group Limited, a local partner, owns the remaining 10 percent.

The first phase of the project, costing some 6 billion yuan ($877 million), would be able to handle 3.5 million tons of LNG a year or supply 4.8 billion cubic meters of gas per annum to users when it is ready.

The terminal could take in 6.5 million tons of LNG a year, or supply 8.7 billion cubic meters of gas after an expansion is completed, the report said.

The project, which is built on reclaimed land off China's Yellow Sea, will help improve gas supply security in the Yangtze River delta, one of China's key economic centers.

PetroChina has also started building its first north China LNG terminal in Dalian that is also scheduled to be operational in 2011.