Sinopec's First LNG Project Nearly Complete

Sinopec's first LNG terminal project - Shandong LNG project, located in East China's Shandong province, is progressing well, the company said in a statement last week.

The project is 84% complete, including 95% of the piers; 88% of the three storage tanks for phase one and 70% of the terminal station.

“The Shandong LNG project, officially launched in June 2011, is a major project in Qingdao, Shandong invested and built to import overseas resources in line with Sinopec Group’s Grand Strategy of Natural Gas Development," the company ststed.

According to Sinopec, after being put into operation, the project will play an important role in ensuring the natural gas supply for Qingdao and even for Shandong.

The LNG project will have receiving capacity of 3 million metric tons/year after completion of the first phase.

As per media reports, the project is designed to receive LNG imported from Papua New Guinea under a binding sales and purchase agreement between Sinopec and ExxonMobil concluded 2009.

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