Energy

CNOOC starts building $1.7b LNG terminal

(Agencies)
Updated: 2010-10-20 15:38

China National Offshore Oil Corp (CNOOC), the country's third-biggest oil company, has started building its fourth liquefied natural gas (LNG) terminal to meet rising demand, Bloomberg reported on Wednesday.

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The parent of Hong Kong- and New York-listed CNOOC Ltd is holding a groundbreaking ceremony at the site in Zhuhai, Guangdong province, Bloomberg quoted Liu Xiaobiao, head of media relations at CNOOC, as saying.

The 11.3 billion-yuan ($1.7 billion) terminal, the second in Guangdong province, will receive 3.5 million tons of LNG a year, with annual receiving capacity to reach 12 million tons eventually, Bloomberg cited Wednesday's China Securities Journal.

CNOOC Oil & Gas Group, a unit of CNOOC,owns 30 percent of the terminal, according to the Chinese newspaper. Guangdong Yudean Group, which supplies most of the electricity in the southern province, holds a 25 percent stake, it said .