CNOOC to Build New LNG Terminal

China National Offshore Oil Corporation has begun building its fourth liquefied natural gas terminal in the Chinese city of Zhuhai to meet increasing demand.

The terminal will receive 3.5 million tonnes of LNG a year after its start-up in 2013.

The terminal, the second in the province of Guangdong, requires an investment of CNY11.3bn ($1.7 billion), according to Bloomberg.

The terminal’s annual receiving capacity will be expanded to seven million tonnes in the second phase development, which will begin based on market needs.

CNOOC Oil & Gas owns 30% of the terminal while Guangdong Yudean Group, which supplies most of the electricity in the southern province, holds a 25% stake.