PetroChina venture to build Tangshan LNG terminal
PetroChina is joining forces with Beijing Enterprises and China Suntien Green Energy Co. to build and operate a liquefied natural gas (LNG) terminal in Caofeidian harbor of Tangshan, north China, according to several local media reports.
The LNG terminal will have a throughput capacity of 10 million tpy. The project, which also includes an unloading berth and related facilities, involves a total investment of 6.6 billion yuan.
The three partners plan to establish a joint venture with capital of 2.6 billion yuan for the project, according to the Xinhua News Agency.
PetroChina will have a 51% stake the joint venture by providing the majority of the preliminary investment in the project, the reports said. Meanwhile, Beijing Enterprises will have a 29% share in the project.
Hebei Natural Gas - a non-wholly owned subsidiary of Hong Kong listed CSGE - will own the remaining 20% of the joint venture.
The Tangshan LNG terminal project was approved by China's National Development and Reform Commission in October 2010.
The companies said the project is essential to satisfy the natural gas demand in the Beijing-Tianjin-Hebei region, as well as to diversify gas input and to secure regional supply.
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