Cnooc Starts Bonded LNG Business

Chinese state Cnooc Gas & Power May 2 unloaded China’s first shipment of bonded LNG cargo of 69,000 metric tons that arrived from Indonesia into Hainan LNG terminal’s storage tank, the company, a unit of Cnooc said May 3.

Cnooc Gas & Power’s Hainan LNG passed the inspections for bonded LNG tank March 21, 2018, becoming China’s first LNG tank to do so. Through the bonded business, Cnooc can export the bonded LNG to other countries that can make better use of the storage tanks, the company said.

Hainan LNG terminal has a capacity of 3mn mt/yr and is in China’s Hainan province. Cnooc holds 65% of the project interest and the provincial government of Hainan controls the rest. The commissioning cargo arrived at the terminal in 2014 from Qatar aboard a Q-Max class LNG vessel Rasheeda.

Cnooc Gas & Power operates seven terminals – Guangdong Dapeng, Fujian, Zhejiang, Zhuhai, Tianjin, Hainan and Shanghai – with a combined capacity of 27.8mn mt/yr.