16 January 2012 07:38 [Source: ICIS news]
SINGAPORE (ICIS)--China’s oil and gas giant Sinopec is planning to set up its first receiving terminal for imported liquefied natural gas (LNG) at Wenzhou in coastal Zhejiang, a company source said on Monday.
The project will be located either on Xiaomendao Island or at Zone D on Zhuangyuan’ao Island, the source said.
“The number of storage tanks and capacity are yet to be determined as the project is still under preliminary stage,” an official from the Wenzhou Development and Reform Commission said.
Market sources said the yuan (CNY) 8.83bn ($1.40bn) terminal is designed to receive a total of 3m tonnes/year of LNG.
($1 = CNY6.31)
For more on Sinopec and other producers, visit ICIS company intelligence
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