CNOOC Aims 60m LNG Imports in 15 yrs

Friday, March 23, 2007
China's offshore oil and gas specialist China National Offshore Oil Corp. (CNOOC) plans to boost its imports of liquefied natural gas (LNG) to 60 million tons a year in 15 years, Reuters reported. The plan to raise imports of cleaner LNG would help reduce reliance on dirty coal-based energy and meet growing demand in coastal regions, the China Daily reported, quoting Fu Chengyu, general manager of CNOOC and chairman of listed arm CNOOC.

China depends on coal for more than 70 percent of its energy needs. CNOOC started up China's first LNG terminal in southern Guangdong province last June that is fed with Australian gas, with annual receiving capacity of 3.7m tons in its first phase.

It is building a second import facility in Fujian province and a third in financial hub Shanghai, which would import LNG from Indonesia and Malaysia respectively. CNOOC also plans to build another two facilities in Ningbo in Zhejiang province and Zhuhai, near Macau, by around 2010.

Last October, the state firm said it signed more framework deals to buy spot LNG cargoes from Western majors Total and Royal Dutch/Shell. But the number of cargoes, time of delivery and prices were not decided.

CNOOC's Fu told the China Daily that the firm was confident its unit CNOOC Ltd. would be able to float A shares on the domestic stock market this year once some technical barriers were overcome. Source: Reuters

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Young Taken on PESA Advisory Board

Hoover Container Solutions’ chairman and CEO, Donald Young, has been nominated and elected to the Petroleum Equipment & Services Association (PESA) Advisory Board for a three-year term.

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

LNG

LNG: Did the Greeks Get it Wrong?

In December 2013, Alibra’s market report front page read: “When in shipping, do as the Greeks do.” At that time, Alibra was referring to the fact that 31% of the

Ship of the Year Award for NYK Vessel

Japan's first LNG-fueled ship, Sakigake, which is a tugboat owned by NYK has been recognized with a Technology Special Award at the 2015 Ship of the Year Awards

First U.S. LNG shipment to cross expanded Panama Canal

The United States will ship its first liquefied natural gas (LNG) cargo through an expanded Panama Canal next week.   The waterway shaves distances between export

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0915 sec (11 req/sec)