China National Offshore Oil Corp (CNOOC), British Petroleum (BP) and Guangdong province signed joint contracts for the Guangdong Dapeng Liquefied Natural Gas (LNG) project. The project is expected to provide the Pearl River Delta with 5.1 billion cubic meters of LNG per year by 2006. CNOOC, BP and Guangdong established Guangdong Dapeng LNG Company to oversee project construction and management. Vice Premier Zeng Peiyan said the project will help China restructure its energy sector and move toward increased use of cleaner fuels.
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