Cooperation Framework Agreement on LNG Project Signed Between Kunlun Energy and CNPC Transport

abarrelfullabarrelfull wrote on 15 Oct 2010 09:06
Tags: china cnpc kunlun lng


On 11 September, the signing ceremony for the cooperation framework agreement on the Liquefied Natural Gas (hereinafter referred to as “LNG”) project between Hebei Huagang Gas Company Limited (河北华港燃气有限公司), of which Kunlun Energy Company Limited is the holding company, and CNPC Transportation Company Limited was held in Beijing Taoran Hotel in the afternoon, for the cooperation in respect of transportation protection of LNG products for Jiangsu Rudong LNG project.

Mr. Li Hualin, the vice president of PetroChina Company Limited and the chairman of Kunlun Energy Company Limited attended the signing ceremony and made a speech thereat.

Mr. Li Hualin mentioned in his speech that LNG is a green energy that can effectively substitute fuels like coal and oil and improve domestic energy structure. Moreover, it is energy conservative and reduces emission, which in turn can improve atmospheric environment. LNG is widely applied and secures a promising sales prospect. The signing of the agreement signified the business expansion of the parties and earmarked the trend of development, which would play an important role in implementing the development strategies of the group company. In line with this, PetroChina Company Limited and its natural gas segment would provide guidance and support thereto.

Mr. Li Hualin wishes that both parties will, based on the signed agreement, become market-driven and target-oriented to achieve an overall planning, and proceed rapidly while focusing on key aspects. At the same time, they will capture opportunities by leveraging on outstanding models, and accelerate development to build a competitive enterprise by playing an active role in the overall strategy of the group company.

Jiangsu Rudong LNG project is jointly constructed and operated by Kunlun Energy Company Limited, of which PetroChina Company Limited is the holding company, Pacific Oil & Gas Company and Jiangsu Guoxin Investment Group Limited. The Phase I of the project is constructed to process 3.50 million tones of LNG annually and it achieves annual gas supply of 4.8 billion square meters in average, part of which will be distributed by vehicles. As the secondary wholesaler of the project, Hebei Huagang Gas Company Limited is entitled to the rights of sales management, and will focus on the sales of LNG products used for vehicles and vessels. Hebei Huagang Gas Company Limited and CNPC Transportation Company Limited have entered into an agreement to cooperate in respect of highway distribution and transportation and logistics supports during the selling process.

Cooperation Framework Agreement on LNG Project Signed Between Kunlun Energy and CNPC Transport


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