Gas Processing & LNG is Produced by Gulf Publishing Holdings LLC



China's Yantai Port to launch LNG storage plants by 2022

China’s Yantai Port Group aims to launch two jointly-owned liquefied natural gas (LNG) storage facilities by 2022 and expects government approval for them this month, sources said.

Shandong province, where the Yantai port is located, is an industrial and petrochemical hub in China. It has one quarter of the country’s steel capacity and is also a big coal consuming region, though it is yet to house a gas-powered plant.

Yantai Port
Source: EWA

Yantai Port is building the two facilities, one with a 5 million ton capacity and another able to store 6.5 million tons, with Yantai LNG Group.

Yantai LNG, which holds a 19% stake in the project, is jointly owned by Poly-GCL Petroleum Holding Group Ltd, Pan-Asia International Energy Distribution Center Co and Yantai Port.

Land reclamation for the project has started, one of the sources, who declined to be identified, told Reuters.

Phase 1 will cost $1.1 billion and will comprise an LNG-dedicated port area, an LNG berth able to receive up to 266,000-cubic meter LNG carriers, a 50,000 cubic-meter trans-shipment berth, and five 200,000 cubic meter storage tanks, a second official said.

It will receive 5 million metric tons of LNG per year and regasify 40 million cubic meters per day, he added.

A second phase, expected to launch by 2025, will comprise of two LNG berths receiving up to 266,000 cubic meter carriers, and five more 200,000 cubic meters storage tanks, expanding Yantai LNG’s receiving capacity to 10 million tons per year.

Yantai Port Group is also investing in a separate 5 million ton storage project at Yantai port which CNPC aims to build by 2022. Yantai will take 49% stake in that project with CNPC holding the majority share of 51%, he said.

Separately, Yantai Port will build a 300,000-ton crude oil berth for a new petrochemical project in Yantai, the official said.

Reporting by Muyu Xu and Shivani Singh; Editing by Alexander Smith


Copyright © 2019. All market data is provided by Barchart Solutions. Futures: at least a 10 minute delay. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

                                  CMEGroup                                     Icelogo

FEATURED COLUMNS

Editorial Comment
-Adrienne Blume
Global gas is facing a demand hit from the coronavirus pandemic and a structural oversupply in the LNG market following the startups of new LNG export projects in Australia and the U.S.
Industry Focus: Russia Accelerates Fight For Global Gas Export Market Share
-Eugene Gerden
Russia aims to ramp up its efforts to gain more gas export market share this year, despite an unfavorable business environment and growing pressure from major competitors.
Regional Focus: South Africa’s transport strategy to shape country’s gas sector
-Shem Oirere
South Africa’s Gas Utilization Master Plan outlines how the gas sector will be developed. As the country proceeds with the plan,


Best Practices in Supporting Front Line HPI Operations Remotely in Response to Covid-19

Register Now

To ensure employee safety, HPI companies had to quickly pivot to a remote support model with many subject matter experts (SMEs) and engineering staff working remotely supporting front line, sequestered critical operations and field operators.

What are the best practices and lessons learned from this new remote operational support model? What have been technologies and work processes that are enabling effective and efficient remote operational support? Is this the “new norm” going forward even when the impact of Covid-19 abates? If not, how will remote support of critical operations be changed?

If this topic and questions are of interest to you and your organization, please attend this special HPI webinar with a panel of leading industry customer experts who will discuss their perspectives. Attendees will have the opportunity to ask questions for the panelists.

May 18, 2020 10:00 AM CDT

Register Now

 

Please read our Term and Conditions, Cookies Policy, and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2020 Gulf Publishing Holdings LLC.