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MOC approves PetroChina’s RMB 6.63-bln LNG project

Jun. 15, 2009 (China Knowledge) - China’s Ministry of Commerce (MOC) has approved an RMB 6.63 billion  liquid natural gas (LNG) project in which PetroChina <601857> <0857> <PTR> holds a 55% stake, Jiangsu Guoxin Investment Group Ltd holds a 10% stake and Hong Kong-based Pacific Oil and Gas holds a 35% stake, sources reported.

The construction of the LNG project will be located at Yangkou Harbor, Rudong County, Nantong City, Jiangsu Province and will take four years to complete. In the first stage, the project will provide 4.8 billion cubic meters of natural gas a year. In the second stage, the annual supply of natural gas will increase to 8.7 billion cubic meters.

After the completion of the project, the LNG base will comprise a port island, a receiving station covering a land area of 0.3 square kilometers and a wharf that can accommodate a LNG carrier with a capacity of 267,000 cubic meters.