CNOOC To Develop Shanghai LNG Terminal

abarrelfullabarrelfull wrote on 24 Aug 2012 09:00

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January 13, 2005

CNOOC Limited (the "Company", NYSE: CEO, SEHK: 883) announced today that CNOOC Gas & Power Limited, a wholly owned subsidiary of China National Offshore Oil Corporation ("CNOOC"), the company‘s parent company, has signed an agreement with Shenergy Group Limited to plan for the development of a liquefied natural gas ("LNG") terminal in Shanghai through the establishment of Shanghai LNG Company Limited.

Comprising an LNG dock, a receiving terminal and a subsea gas trunk line, the Shanghai LNG project will be equipped with a capacity of receiving six million tons of LNG per annum. Divided into two phases, the project is scheduled to start operation in 2008. The designed capacity of the first phase is approximately three million tons a year.

CNOOC Gas & Power Limited holds a 45% interest in the new company, while Shenergy Group Limited owns the remaining 55% interest.

As to date, CNOOC has entered into 4 LNG deals in Guangdong, Fujian, Zhejiang and Shanghai.

Mr. Fu Chengyu, President of CNOOC, commented: "The signing of Shanghai LNG project is another important advance in materialing CNOOC‘s natural gas strategy. As a supplemental fuel to other local energy sources, the project will help to improve people‘s living standard and contribute a lot to local environment protection. We are confident that the project will further fuel the booming economy of Shanghai."

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