CNOOC re cheap affliction ceives 1st LNG shipment from Indonesia
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CNOOC re cheap affliction ceives 1st LNG shipment from Indonesia
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CNOOC receives 1st LNG shipment from IndonesiaPublished: 27 May 2009 18:08:38 PST
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Top 5 News From ChinaKnowledge.comBOC not to privatize Hong Kong unitChina Life increases equity investments as market reboundsSino Land sees bright future for Wu Kai Sha project Lake SilverShanda Interactive to list online game subsidiaryPBOC sells RMB 80 bln in 28-day repos on TueMay. 28, 2009 (China Knowledge) - China National Offshore Oil Corp (CNOOC), the largest offshore oil company of the country, has taken delivery of the first liquefied natural gas (LNG) consignment from Indonesia in the southern area of Fujian Province, sources reported.
According to a 25-year contract signed by CNOOC and Indonesia, CNOOC will annually receive 2.6 million tons of LNG from Tangguh project in Papua province, Indonesia. However, the Fujian terminal of CNOOC received the first cargo of LNG, weighing about 69,000 tons, from Indonesia's Bontang LNG project because the start of operations at the Tangguh project was delayed.
The Fujian terminal will receive another 15 consignment of LNG in the first contract year starting from May 2009. CNOOC's Shanghai terminal also plans to receive 3.03 million tons of LNG from Malaysia. In addition, more terminals will be constructed to store up more LNG along the county's eastern cost in cities that include Ningbo City, Zhejiang Province and Zhuhai City, Guangdong Province.
Reportedly, CNOOC New Energy Investment Co Ltd, a wholly-owned subsidiary of CNOOC, has teamed up with Datong Coal Mine Group to build a coal-to-gas project with an estimated annual output of 4 billion cubic meters. Investment in the project will total RMB 30 billion.
CNOOC also signed a 20-year contract with Britain-based BG Group Ltd (BG) to purchase 3.6 million tons of LNG annually from the Gladstone project in Queensland, Australia.
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