Dalian: Dalian Port (PDA) Co said on Wednesday it planned to form a 2.6 billion yuan ($380.4 million) liquefied natural gas (LNG) terminal joint venture with PetroChina.
Dalian Port said it would hold 20 percent of the joint venture in the city of Xingang, PetroChina would hold 75 percent and the remainder would be held by Dalian Construction Investment. Xingang is located just northeast of Dalian on a promontory jutting out into the Yellow Sea.
PetroChina already has close ties with PDA. A brand new crude oil terminal, which is a jv between the two, came onstream this year with an annual capacity of 20m tonnes.
The news follows on from PetroChina's announcement earlier this week about another LNG terminal to be built in Jiangsu, which in a first for China LNG terminal deals, includes a foreign partner, Pacific Oil and Gas Company.
PetroChina has formed an LNG shipping joint venture with China Shipping. A series of LNG vessel orders are expected soon in time to supply both the Jiangsu and Dalian projects. [18/03/09]
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