CNOOC Group Plans China's First Floating LNG Storage Project

China National Offshore Oil Corp (CNOOC Group) will build the country’s first floating liquefied natural gas (LNG) facility off of Tianjin with two local companies, one being the Tianjin Port.

The Xinhua News Agency is reporting that the project, which is costing $892.84 million in US dollars, will be able to get 2.2 million tonnes of fuel annually. The project is expected to push forward, although it may take time for final government approval.

All parties involved envision a second phase which will include a receiving terminal with a capacity of 6 million tonnes annually and four storage tanks with 160,000 cubic meters of capacity space each. This is expected for use in 2015.