By Joanna Sampson2019-10-29T10:55:00+00:00
Hong Kong-based Zhonghua Gas Holdings has signed a Memorandum of Understanding (MoU) with Shanghai Jiulian Group (Shenergy Jiulian) on LNG cooperation.
The two companies will form a 60:40 joint venture to co-explore end user markets in the Yangtze River Delta region.
The joint venture will be principally engaged in sale of LNG, sale of LPG, engineering of LNG pipeline, sale, installation, maintenance of LNG delivery equipment, technology development, consulting and transfer of heating system, technology development of new energy, etc.
Zhonghua Gas intends to integrate the gas supply business of its existing customer resources in the Yangtze River Delta, such as existing point-to-point supply of LNG, decentralised energy, direct supply of industrial LNG, vehicle and ship refuelling etc., into the LNG sales channel and business of the joint venture, and constantly expand the business scope of the joint venture and improve the market share.
It will also be responsible for obtaining the qualification, license, permits, and approval for the joint venture to be engaged in LNG storage, transportation, sales and other related businesses as soon as possible.
Shenergy Jiulian as the LNG supplier for the joint venture will guarantee the sufficiency and stability of LNG supply and give necessary supports for the respective businesses of the joint venture.
The US is predicted to drive new-build, liquefied natural gas (LNG) liquefaction capacity additions globally from planned and announced projects between 2019 and 2023, contributing approximately 73% of global new-build LNG liquefaction capacity growth by 2023.
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