15 November 2012 06:32 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Hao Tian Resources Group is planning to build a 400,000 tonne/year liquefied natural gas (LNG) plant and LNG distribution networks at Kuche county in Xinjiang province, the Hong Kong-listed energy company said late on Wednesday.
The yuan (CNY) 1.5bn ($241m) plant will process no less than 600m cubic metres (cbm) of natural gas each year and the Kuche local government has agreed to ensure gas supply at “most favourable” prices, Hao Tian said in a statement.
Operations at the project will start within two years after obtaining the necessary approvals, Hao Tian said. However, it did not reveal the exact timeline of construction.
Meanwhile, the company has scraped its previous plan of setting up a 600,000 tonne/year natural gas-based alkylol amine plant at Shaya county in Xinjiang, because such projects are prohibited from using natural gas as feedstock under China’s new policy on natural gas use, the statement added.
The new natural gas use policy will take effect on 1 December this year.
($1 = CNY6.23)
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