PetroChina, the nation's top oil producer, last week announced it would construct and operate its Jiangsu-based LNG receiving terminal project with Pacific Oil & Gas Ltd and Jiangsu Guoxin Investment Group Ltd.
The first stage of the project will cost RMB6bn and is scheduled to be finished by 2011. The LNG receiving terminal will then be able to process 3.5 million tonnes of LNG and will provide 4.8 billion cubic meters of natural gas annually.
PetroChina, Pacific Oil & Gas Ltd and Jiangsu Guoxin Investment will reportedly hold 55%, 35% and 10% equity interests in the project, respectively.
PetroChina will use the new terminal to receive 3 million tonnes of LNG from Qatar, according to a 25-year agreement made by PetroChina, Shell and Qatar last April.