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China Shipping and PetroChina forming LNG shipping venture

China Shipping and PetroChina forming LNG shipping venture

Shanghai: The president of China Shipping Group has outlined plans to set up a gas shipping joint venture with PetroChina, Asia's largest oil and gas producer.

Li Shaode, president of China Shipping said the venture would be the second such firm, after the COSCO group and offshore oil specialist CNOOC set up a similar venture.

"The investment will be big," he told reporters without elaborating. "Returns will be steady."

A first ship order is imminent. China aims to raise its LNG usage to 6% of total national energy usage by 2010, up from the current 2%. Last year saw the People's Republic open its first LNG facility in Guangdong province. A total of 14 receiving terminals have been earmarked. [02/04/07]

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