China National Offshore Oil Corp and the provincial government of Fujian have signed an agreement for the construction of a liquefied natural gas project in the province. The project will include an LNG terminal to deliver gas to five urban pipeline networks and two gas-fuelled power plants.
The terminal will be designed to handle 2.5m tonnes of LNG a year and is due to start operation in 2006. CNOOC, which will hold a 60 per cent stake in the project, said it was too early to estimate its cost.
