CNOOC, Shenzhen Energy JV LNG terminal gets government approval

27 July 2012 05:03  [Source: ICIS news]

SINGAPORE (ICIS) – China National Offshore Corp (CNOOC) and Shenzhen Energy have obtained regulatory approval to build a 4m tonne/year liquefied natural gas (LNG) terminal at Shenzhen in Guangdong, Shenzhen Energy said on Friday.

The approval was granted by China’s top economic planner – the National Development & Reform Commission (NDRC) – this month, Shenzhen Energy said in a filing to the Shenzhen Stock Exchange.

The yuan (CNY) 8.1bn ($1.27bn) project is a 70:30 joint venture between CNOOC Oil & Gas and Shenzhen Energy, according to the statement.

The project cost also covers building of four LNG tanks – each with a storage capacity of 160,000 cubic metres (cbm) – and a berth with an 80,000-266,000cbm capacity at terminal, it said.

The terminal will receive LNG cargoes from overseas for distribution to industrial users, such as power plants.

A CNOOC source said that the project would be constructed in two phases with equal capacity, but timeframe has not been decided yet.

($1 = CNY6.39)


By: Fanny Zhang
+65 6780 4359



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