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PetroChina, ExxonMobil Wrap Up Commercial Talks on LNG Project

Xinhua Economic News, Tuesday, May 12, 2009

PetroChina has finished commercial talks with ExxonMobil over its liquefied natural gas (LNG) project, according to the company. 

Jiang Jiemin, board chairman of PetroChina, revealed Tuesday that two of its planned four LNG receiving terminals are under construction. 

Besides, PetroChina is working on the preliminary preparation for two LNG receiving terminals in Shenzhen, south China’s Guangdong Province, and Caofeidian, north China’s Hebei Province. Now the most urgent thing is to nail down the LNG supply for them. 

No legal problems exist for PetroChina’s cooperation with ExxonMobil, said Jiang, adding that what’s needed is “general coordination.”

According to an agreement reached by PetroChina’s parent company CNPC and ExxonMobil in the beginning of this year, ExxonMobil will supply CNPC with two million tons of LNG originated from Australia annually in the coming 20-25 years.