CNOOC to Build $2.17B LNG Terminal

China National Offshore Oil Company, or CNOOC, plans to build a receiving terminal of liquefied natural gas in the eastern province of Jiangsu- expected to cost $2.17 billion, local media reported .

The project, located in the city of Yancheng, will include a berth to anchor 100,000 ton vessels, land-based storage and a pipeline grid. It is expected to be completed in December 2020, Xinhua Daily reported, without saying how it received the information.

Each storage tanks will have a storage capacity of roughly 90,000 tons, Xinhua Daily said.

CNOOC, parent of CNOOC Ltd, is China's largest operator of LNG import terminals.

(Reporting by Chen Aizhu; Editing by Christian Schmollinger)