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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (4844)	5/23/2005 2:22:56 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China's CNPC gets approval for 6 bln yuan LNG project in Jiangsu - report 05.22.2005, 10:25 PM BEIJING (AFX) - The National Development Reform Commission, the country's highest economic planning body, has given China National Petroleum Corp (CNPC) the go ahead to build a six bln yuan liquefied natural gas (LNG) project in Jiangsu province, the Economic Observer reported. The newspaper said CNPC will build a port, terminal and pipeline in Nantong to be in use by 2009. In its first phase, the plant will have a capacity of 3.5 mln tons per year. The report did not give total capacity. CNPC's rivals -- top refiner China Petroleum & Chemical Corp (Sinopec) and dominant offshore player China National Offshore Oil (CNOOC) -- are also vying for LNG projects in Jiangsu's Lianyunggang and Yancheng cities. But the newspaper said the government granted CNPC approval first because the project can serve as a back-up source of gas for the west-east pipeline, which runs from Xinjiang to Shanghai. The government's move to cut the country's reliance on coal -- which makes up 67 pct of the country's energy needs -- has prompted a push for more LNG projects. forbes.com