PetroChina Company Limited (PetroChina) has received grant from Ministry of Commerce for Rudong liquefied natural gas (LNG) project in Jiangsu area, Xinhua-run Shanghai Securities News reported. The grant comes after PetroChina entered into LNG purchasing contract with Qatar at the end of 2008. The Rudong LNG terminal will be supplied with the LNG from Qatar, which has decided to provide PetroChina with 30 million tons of LNG yearly for 25 years.
The building of the Rudong terminal is divided into two phases. The first phase will dawn a processing capacity of 3.50 million tons per year and is planned to be placed into operation in 2011. The second phase would enlarge the processing capacity to 6.5 million tons per year.
The Rudong LNG terminal would cost a total of CNY6.63 billion.
The Rudong LNG terminal is owned by PetroChina, Jiangsu Guoxin Investment Group Limited and Hong Kong-based Pacific Oil&Gas Co., Ltd on a share basis of 55:10:35, respectively.