Nov 01, 2019 (China Knowledge) - Chinese regulators gave the green light for a RMB 25.4 bln (USD 3.61 bln) Liquified Natural Gas (LNG) project. This is the largest LNG venture in China to date. Construction of the facility will be undertaken by Caofeidian Suntien Liquified Natural Gas, which is part of the larger China Suntien Green Energy.
The project will be carried out in Caofeidian Port in Tangshan city, and will play a major role in China’s production, supply and distribution of natural gas. It will provide for Beijing, Tianjin and Hebei in the North. The facility will be constructed in three phases, and the first will cost RMB 8.1 bln (USD 1.15 bln). Once built, it will be able to handle 12 mln tons of LNG annually.
With exponentially rising demand, China will rapidly become the world’s biggest importer of LNG. This is the latest effort to reduce this troubling dependency on imports and become more self-sufficient. The trade war with the United States has also given China the impetus to pursue greater diversification of its import sources. 40 countries are expected to have the capacity to export LNG in the future.
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