China National Offshore Oil Corp has received final government approval for its floating LNG project in China's eastern port city of Tianjin, the company said Wednesday.
This will be China's first floating and regasification unit, with a total investment of Yuan 3.3 billion ($539 million) for the first phase, CNOOC said.
The LNG import project received approval from the National Development and Reform Commission on July 26.
The first phase of the project comprises a floating, storage and regasification unit, an accompanying berth and two 30,000 cubic meter storage tanks. It will have an LNG receiving capacity of 2.2 million mt/year, roughly equivalent to 3 billion cubic meters/year of natural gas, the company said.
