Beijing has rubber-stamped China National Offshore Oil Corporation’s final investment decision for a much-touted LNG terminal in the southern island province of Hainan.
The National Development & Reform Commission gave the scheme the final go-ahead in the first week of July.
CNOOC Gas & Power owns 65% of the project with local government-run Hainan Development Holding in for a 35% stake.
The 2 million tonnes per annum terminal, expandable to 3 million tpa in a second phase, will have two 160,000 cubic-metre storage tanks.
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