CNOOC signs RMB 14bn gas deal

China National Offshore Oil Corp (CNOOC) said it agreed to build a RMB 14 billion liquefied natural gas terminal in Zhejiang province, CNOOC's third such provincial undertaking. The terminal deal, a joint venture between the Zhejiang government and CNOOC, will include a pipeline from the coast and a gas-fired power plant in the city of Ningbo with a capacity of 2,800 megawatts. CNOOC will hold a 51% stake in the terminal and 29% of the power plant.