Hong Kong-based port development firm PYI Corporation is planning to sell a piece of reclaimed land in the Jiangsu province of China to oil giant PetroChina for the development of a $1 billion gas-fired power plant, according to the Reuters.
Reuters reported that according to a senior PYI official, PetroChina, Singapore-based Pacific Oil & Gas and Jiangsu’s investment firm Guoxin, are expected to receive approval for the power project.
PYI will reportedly sell less than two square kilometers of land in the Yangkou port industrial park for approximately $82.51 million after receiving the necessary regulatory approval, said Reuters.
The gas-fired facility will have four 600MW generators and will use liquefied natural gas (LNG) from the $995 million LNG terminal that PetroChina proposes to build in the Yangkou port, according to Reuters.