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Sinopec in talks to build LNG terminal

http://www.qingdaonews.com 2006-06-23 15:37:00

¡¡¡¡BEIJING, June 23 -- Top Asian oil refiner Sinopec Corp. said Thursday it is in early discussions to build a liquefied natural gas (LNG) terminal in the southern Chinese city of Zhuhai.

¡¡¡¡Sinopec is vying with CNOOC Group, which is leading a race to build a string of LNG termina
ls along coastal China, as the government aims to boost the country¡¯s use of cleaner gas to 8 percent of its energy mix by the end of this decade.

¡¡¡¡If it goes ahead, Sinopec¡¯s terminal would be the second LNG terminal in Guangdong Province. The first is in Shenzhen, which received China¡¯s first imported cargo of the super-cooled, compressed gas from Australia¡¯s North West Shelf in May.

¡¡¡¡Sinopec did not specify an investment amount but LNG terminals are often expensive affairs, involving spending of about US$1 billion or more.

¡¡¡¡¡°We are still in negotiations with the Macao SAR Government,¡± Sinopec¡¯s investors relations executive Huang Wensheng told reporters.

¡¡¡¡Beijing-based Sinopec had received initial approval to build LNG terminals in Shandong in eastern China.

¡¡¡¡(Source: Shenzhen Daily/Agencies)¡¡

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