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China's Yantai LNG group aims to start up import terminal by 2022
China’s Yantai LNG Group is aiming to start up a liquefied natural gas (LNG) import terminal by 2022 and expects government approval for it over the next few weeks, two sources familiar with the matter and a director with one of the partners said.
Shandong province, where Yantai port is located, is an industrial and petrochemical hub in eastern China. It has one quarter of China’s steel capacity and is a big coal-consuming region, although it has yet to house a gas-fired power plant.
Yantai LNG Group is building the terminal in two phases, the first phase with a capacity of 5 million tonnes per year and the second with 6.5 million tonnes per year.
Yantai LNG Group is majority owned by Poly-GCL Petroleum Group Holdings Ltd. Shandong Pan-Asia International Energy Distribution Center and Yantai Port Group hold the balance.
Land reclamation for the project has started, one of the sources told Reuters.
Phase 1 of the import terminal will cost $1.1 billion and comprise an LNG-dedicated port area, a berth that can receive LNG tankers of up to 266,000 cubic meters in capacity, a 50,000 cubic-meter transshipment berth, and five 200,000 cubic-meter storage tanks, a second official said.
Source: Reuters
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