CNOOC launches Jiangsu LNG storage tank
China National Offshore Oil Corp (CNOOC) has launched a 220,000 m3 LNG storage facility at Yancheng Binhai Port in Jiangsu province, allowing the Chinese major to double storage capacity at Yancheng's LNG receiving terminals, Global Times reported September 27.
The first batch of 210,000 m3 LNG has arrived at the storage bank, providing enough supplies to satisfy average monthly consumption of 6.5mn Chinese households for one month. There have been no 220,000 m3-capacity LNG tanks put into official service in China previously, Global Times said.
Despite seeing LNG import demand level out in recent years, with WoodMacKenzie projecting a 14% yr/yr decrease to 69mn mt in 2022, China is still investing in LNG infrastructure along its eastern coastline, which stretches 18,400km from north to south.
CNOOC is building 10 large-scale LNG tanks at Yancheng. Once delivered, the tanks will offer a total capacity of 2.5mn m3.
Some 22 LNG terminals on China's eastern coast have been finalised, as of 2021-end, providing 92.27mt of LNG import capacity. In addition to Yancheng, CNOOC is also strengthening LNG import terminals in Zhejiang and Guangdong provinces.