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|Monday, April 02, 2001, updated at 14:50(GMT+8)|
CNOOC Selects an LNG SupplierChina National Offshore Oil Corp (CNOOC), the major Chinese partner of Guangdong's US$600 million liquefied natural gas (LNG) project, said it has yet to select an LNG supplier.
This week CNOOC and the other five Chinese sponsors will be negotiating with British Petroleum (BP) on a joint venture for the LNG project. "If the negotiation is successful, a feasibility study will begin," said Zhao Xiuguang, director of the natural gas department of CNOOC.
Zhao said speculations about an LNG supplier at present was misleading.
China's first LNG project, which is located in southern Guangdong's Shenzhen, consists of a terminal to transfer imported LNG into a 300-kilometre pipeline system.
The terminal is expected to handle 3 million tons of imported LNG annually by 2005, and a further 2 million tons by 2008.
Zhao said the company, which holds 33 per cent share in the terminal and pipeline, will follow the principles drawn up by the State Development Planning Commission to select the supplier.
Competition is expected to be tough.
The long-awaited Guangdong LNG project is a pilot attempt in China to satisfy the growing demand for energy and to reduce pollution, while maintaining the region's rapid economic growth.
Natural gas is expected to account for between 7-8 per cent of the country's energy needs in 10 years, up from today's 2 per cent.
Source: China Daily
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