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Oil & Gas

China''s CNOOC to build gas terminal in Zhuhai -OGP

May 18, 2009
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China National Offshore Oil Corp., China''s largest offshore oil producer, plans to build its South China Sea natural gas terminal in the coastal city of Zhuhai, according to Reuters. CNOOC, parent of CNOOC Ltd, signed a framework agreement with the local government earlier this month and plans to invest in a host of projects including the construction of the South China Sea gas terminal and a production base for deepwater offshore engineering equipment. Local media have put the investment at about 20 billion Yuan ($29.3 million). CNOOC has already built a natural gas terminal in Hengqin Island in the southern part of Zhuhai and has set up a LNG receiving terminal at the city''s Gaolan port. CNOOC will purchase 3.6 million tons of liquefied natural gas per year from the BG Group Ltd''s proposed Australian plant starting as early as 2014.
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