Sinopec, Zhejiang Energy to build 3 Mtpa LNG terminal » Kallanish Energy News
China’s state oil company, Sinopec, has partnered with government-backed Zhejiang Energy Group to develop a new liquefied natural gas (LNG) import terminal in China’s east coast.
A local news website said Tuesday the terminal will have an initial capacity of 3 million tonnes per annum (Mtpa) with operations starting by the end of 2021. The project would be completed by 2025, and feature a design capacity of up to 10 Mtpa.
The companies on Monday launched a joint venture to develop and operate the terminal in Wenzhou, Zhejiang Province. The new entity, Zhejiang Zheneng Wenzhou LNG Co Ltd, is 51% owned by Zhejiang, 41% by Sinopec and 8% by a local investment firm, Kallanish Energy learns.
With a total investment reported at RMB 9 billion ($1.32 billion), the project also includes four storage tanks with capacity to store 200,000 cubic meters of LNG each, a tanker berth and a pipeline.
The development is considered stra....