China has given final approval to CNOOC Group’s 2.0 million tonne-per-year liquefied natural gas (LNG) project on the southern island province of Hainan, the government said.
 
The project won final approval from the National Development and Reform Commission on July 7, the State-owned Assets Supervision and Administration Commission said on its website (www.sasac.gov.cn).
 
The first phase of the Hainan LNG terminal is expected to go onstream in 2014 and reach the designed capacity of receiving 2.0 million tonnes of the super-cooled gas per year in 2016, it said.
 
In connection with the project, Hainan will build China’s largest LNG storage and transferring centre, it added.
 
CNOOC holds a 65 percent stake in the project, while Hainan Development Holdings Ltd has the remainder.
 
CNOOC is the parent of Hong Kong- and New York-listed CNOOC Ltd .
 

SOURCE: reuters.com
 
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