Floating LNG terminal for China
China National Offshore Oil Corporation (CNOOC) is said to have won final government approval to build China’s first floating terminal for liquefied natural gas (LNG), a move that is expected to significantly increase imports.
Phase one of the floating LNG project in the northern Port of Tianjin is said to be worth 3.3bn Yuan (US$539m), designed to have an annual receiving capacity of 2.2m tonnes.
It is understood the second phase will see an onshore LNG terminal constructed, with an annual receiving capacity of no less than 6m tonnes.
Apparently, the new terminal will help the country reach its target of raising the share of natural gas in its energy mix to 8% from 5% by 2015 to cut emissions from coal and lessen dependence on oil imports.
China’s LNG imports reached 769,000 tonnes in the first three quarters this year, an increase of 70.95% compared to 2012, according to the latest statistics released by China’s General Administration of Customs.
Major LNG exporters to China include Australia (2,875,000 tonnes), Indonesia (1,096,000 tonnes), Malaysia (862,000 tonnes), Qatar (847,000 tonnes), Yemen (462,000 tonnes) and Russia (255,000 tonnes).
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