Chinese banks to finance LNG terminal

Five Chinese banks signed an agreement to finance construction of China's first liquefied natural gas (LNG) terminal in Guangdong province. The US$880 million Guangdong LNG Terminal & Trunkline Project will be financed by loans from Bank of China, Industrial & Commercial Bank of China, Agricultural Bank of China, China Construction Bank and China Development Bank. ABN Amro will serve as the project's financial advisor. The facility was designed by BP and China National Offshore Oil Corp and will house a 3 million metric ton LNG receiving, storage and regasification terminal. It will supply gas to Guangdong province and Hong Kong.