Sinopec, Zhejiang to build China LNG terminal
China
BEIJING, August 23, 2018 – Sinopec Corporation and Zhejiang Energy Group Company will join forces for the construction of a 3-million-tonne-per-year LNG terminal in China, Sinopec said on Wednesday.
The first phase of the terminal in the eastern province of Zhejiang is set to be complete by the end of 2021, according to a statement from Sinopec.
A new entity, Zhejiang Zheneng Wenzhou LNG Company, was launched earlier in the week to undertake the project. Zhejiang Energy will hold 51%, while Sinopec will hold 41% and a local investment firm will hold the remaining 8%.
The terminal project, Sinopec’s fourth, is to include four LNG storage tanks, along with a berth for docking tankers and a 26-kilometre pipeline.
In April, Sinopec announced it aimed to more than double its LNG receiving capacity over the next six years to reach 26 million tonnes per year.
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