China National Offshore Oil Corp (CNOOC Group) will build the country's first floating liquefied natural gas (LNG) facility off of the northern city of Tianjin with two local companies, the official Xinhua News Agency reported on Tuesday, Reuters reports. The report said the project, costing 5.7 billion yuan ($892.84 million), would be able receive 2.2 million tonnes of the fuel per year, citing Tianjin Port, one of the local partners.
The three companies had teamed up to push forward the project, the report said, suggesting it may take some time before they gained final approval from the government.
The parties envisioned a second phase to include a receiving terminal with capacity of 6 million tonnes per year and four storage tanks with capacity of 160,000 cubic metres each and be ready for use in 2015, according to the report.
CNOOC, the country's leading LNG terminal developer, has three receiving terminals in operation in southern China.
CNOOC is the parent of Hong Kong-listed offshore oil producer CNOOC Ltd.
The three companies had teamed up to push forward the project, the report said, suggesting it may take some time before they gained final approval from the government.
The parties envisioned a second phase to include a receiving terminal with capacity of 6 million tonnes per year and four storage tanks with capacity of 160,000 cubic metres each and be ready for use in 2015, according to the report.
CNOOC, the country's leading LNG terminal developer, has three receiving terminals in operation in southern China.
CNOOC is the parent of Hong Kong-listed offshore oil producer CNOOC Ltd.