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CNOOC gets green light for Hainan LNG project
By Richard Fu |
July 19, 2011, Tuesday
|
Online Edition
Online Edition
CHINA National Offshore Oil Corp has obtained the central government's approval to start a liquefied natural gas project in Hainan Province, a scenic island in southern China.
The approval, given by the National Development and Reform Commission on July 7, reflects China's effort to boost the use of the cleaner fuel, according to a statement on the website of the State-owned Assets Supervision and Administration Commission.
The first phase of the Hainan LNG project is designed to receive 2 million tons of super-cooled natural gas a year after it comes on stream in 2014 and reach the designed capacity in 2016, the statement said.
CNOOC owns a 65 percent stake in the project while an investment company owned by the Hainan Provincial Government holds the balance.
The approval, given by the National Development and Reform Commission on July 7, reflects China's effort to boost the use of the cleaner fuel, according to a statement on the website of the State-owned Assets Supervision and Administration Commission.
The first phase of the Hainan LNG project is designed to receive 2 million tons of super-cooled natural gas a year after it comes on stream in 2014 and reach the designed capacity in 2016, the statement said.
CNOOC owns a 65 percent stake in the project while an investment company owned by the Hainan Provincial Government holds the balance.
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