China National Petroleum Corp (CNPC), the country's biggest oil and gas producer, has been granted the go-ahead to construct a $133.6 million worth liquefied natural gas (LNG) storage terminal project on Hainan island.
According to the China Energy News on Monday, the project involved some 200,000 cubic metres of LNG storage tanks as well as receiving wharf equipped to accept 10,000-20,000 cubic metres on LNG ships.
The LNG from CNPC's two operating terminals in Rudong and Dalian will be kept in those storage tanks and could still be used to receive LNG from the company's other planned terminals in Tangshan and Shenzhen.
CNPC plans to increase LNG sales in the next few years, targeting to market 9 million tonnes or 11.5 billion cubic metres of LNG to local users by end 2015. It likewise targets to promote LNG as alternative to vehicle fuel, with plans to capture at least 200,000 vehicles also by end of 2015.
The first phase of the Hainan project is expected to be online in May 2013. It has a total storage capacity of 40,000 cubic metres.
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