Shanghai: PetroChina Co, Pacific Oil and Gas Company and Jiangsu Guoxin Asset Management Group have signed a joint venture agreement for the Jiangsu LNG project. They will build a LNG terminal in West Taiyangsha artificial island near the seashore of Huanghai, in Rugong, Jiangsu province, with over 10bn yuan investment.
Petro China holds 55%of the stocks, Pacific Oil and Gas Company holds 35% and Jiangsu Guoxin Asset Management Group holds 10%. It marks the first time for PetroChina to build an LNG receiving station together with an overseas company.
Jiangsu LNG project consists of five parts: artificial island project, receiving station project, dock project, undersea gas pipeline project and the gas line projects. This project is mainly for receiving Qatar, Australia and other countries' LNG resources to meet the market demand of clean energy of Jiangsu province.
China has one operational LNG terminal in Guangdong with plans for another 12. [16/03/09]
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