News - PetroChina agrees Jiangsu LNG joint venture

China National Petroleum Corporation has reported that its oil and gas distributor subsidiary PetroChina has agreed a contract to become the majority partner in a joint venture for the development of an LNG terminal at Jiangsu.

The joint venture contract for the Jiangsu LNG Project was signed in Beijing on March 12, with PetroChina Company Limited joining Pacific Oil & Gas Limited and Jiangsu Guoxin Investment Group Limited in an agreement to collectively construct and operate the Jiangsu LNG Terminal.

The three parties respectively hold 55 per cent, 35 per cent and 10 per cent of the shares in the joint venture company .

In a statement on the company's website, China National Petroleum Corporation noted that the construction of Jiangsu LNG Terminal will be performed in two phases, with the first phase aiming to provide an annual processing capacity of 3.5 million tons and deliver 4.8 billion cubic meters of natural gas every year.

The second phase of the project aims to boost the annual processing capacity of the facility to 6.5 million tons and deliver 8.7 billion cubic meters of natural gas every year.

After the new terminal is constructed it is also intended to be linked with the Ji-Ning Branch of the West-East Gas Pipeline.

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