Chinese LNG Project Progressing

Friday, August 03, 2001
A Chinese consortium led by China Offshore Oil Corp. (CNOOC) and oil major BP aim to complete a feasibility study for China's first liquefied natural gas (LNG) project by next June. An agreement for the supply of gas is also expected to be sealed in a similar timeframe, the official said. The Chinese consortium and BP plan to build a three million ton per year (tpy) LNG import terminal in southern Chinese province of Guangdong by the end of 2005. "We aim to finish the study around May or June next year. It is hoped that the gas supply contract will also fall into place around the same schedule," he said. The Guangdong LNG Joint Executive Office, a joint management team based in the city of Shekou, is preparing bidding documents for potential gas suppliers, the Shekou-based official said. He did not say when the bidding documents would be issued, adding that the papers were subject to approval by the State Development Planning Commission. Companies vying for the gas supply contract include Royal Dutch/Shell, a partner in Australia's Northwest Shelf and Russia's Shakhlin gas projects, and BP which has a stake in Indonesia's Tangguh LNG project. National oil companies in Malaysia and Oman were also among keen candidates, industry sources said. The official said the joint management team also was looking to seal take-or-pay gas sales contracts with consumers in China's most prosperous province of Guangdong by mid-2002. In April, BP took a 30 percent equity stake in the $616-million project, which includes the LNG terminal and a 215-km pipeline. CNOOC, the parent of CNOOC Ltd., is the leading shareholder with 33 percent equity. Chinese partners in the CNOOC consortium are five Guangdong companies and Hong Kong utilities, Hongkong Electric Holdings Ltd. and Hong Kong and China Gas Co Ltd. - (Reuters)
Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


US Senators Introduce Bill to Limit Offshore Drilling

A group of U.S. Senators on the West Coast have introduced a bill Wednesday aiming to prohibit offshore drilling on the outer continental shelf of California, Oregon and Washington.

Danish-South Korean Co-operation Strengthened

The Danish-South Korean Green Growth Alliance met for roundtable talks yesterday. The Minister for Business and Growth's meeting with the South Korean Minister

Seadrill Hopes to See Market Turn in 2017

Offshore rig driller Seadrill is facing another two years in the doldrums but hopes the international rig market could turn around in 2017.   Rig rates have more


House Passes Bill to Repeal US Oil Export Ban, Veto Looms

The U.S. House of Representatives passed a bill on Friday to overturn the 40-year-old ban on oil exports, but the measure did not get enough support to overturn any veto by President Barack Obama,

Commodity Surge Boosts World Equities; Dollar Falls

Major world stock markets were poised for their biggest weekly advance since 2011 on Friday, as greater investor appetite for riskier assets propelled gains in

House Expected to Pass Bill Axing US Oil Export Ban

A bill to repeal the U.S. oil export ban was expected to pass the House of Representatives on Friday, but faces an uncertain future after a veto threat by President Barack Obama.

Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Salvage Ship Simulators Shipbuilding / Vessel Construction 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: 0.1273 sec (8 req/sec)