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Sinopec’s new LNG terminal wins state nod, steps up winter supplies

China’s Sinopec Corp 0386.HK said it had secured state approval for a third majorgas receiving terminal and pledged to boost winter supplies of liquefied natural gas as a power crunch cripples industrial activity in parts of the country.

The state oil and gas firm also said it planned to import 24.2 billion cubic metres of LNG this winter and operate its existing terminals at full capacity. It did not give a comparitive figure.

Sinopec said its planned 6 million tonne per year LNG terminal to be built in Longkou in eastern China’s Shandong province had recently won state approval.

This will add to Sinopec’s two operating terminals, in Qingdao and Tianjin, each capable of receiving 6 million tonnes of LNG a year.

The new terminal will include a berth handling vessels of 266,000 cu m and four storage tanks each sized 220,000 cu m.

The company is also adding a similar-sized berth of 266,000 cu m at its Tianjin terminal which is slated for completion in November.

Meantime, Sinopec is accelerating adding gas storage – both LNG tanks and underground caverns — aiming to operate 1.69 bcm capacity by the end of October, 15.5% higher than a year earlier.

China’s gas demand typically surges during the winter heating season starting mid-October through mid-March.

With imports totalling 51.8 million tonnes in the first eight months of this year, China has overtaken Japan as the world’s largest LNG importer earlier than expected.
Source: Reuters (Reporting by Chen Aizhu; Editing by Edmund Blair and Kim Coghill)

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