Reuters reports that China National Offshore Oil Corporation (CNOOC) has won approval from the National Development and Reform Commission to build its fourth liquefied natural gas (LNG) receiving terminal and relevant facilities. The first phase of the Zhejiang project, costing around $1.03 billion and developed to receive 3 million tons of LNG per year, was scheduled to be operational in 2012, the parent of CNOOC Ltd said in an announcement on its website. The project includes a berth to dock LNG carriers with shipping capacities between 80,000 and 266,000 cu. m and three storage tanks with capacities of 160,000 cu. m each.