UPDATE 1-China CNOOC wins approval to build 4th LNG terminal
(Adds details, background)
BEIJING, July 8 (Reuters) - China National Offshore Oil Corporation (CNOOC) said it has won approval from the National Development and Reform Commission to build its fourth liquefied natural gas (LNG) receiving terminal and relevant facilities.
The first phase of the Zhejiang project, costing around 7 billion yuan ($1.03 billion) and able to receive 3 million tonnes of LNG per year, was scheduled to be operational in 2012, the parent of CNOOC Ltd (0883.HK)(CEO.N) said in an announcement on its website (www.cnooc.com.cn).
Two local energy companies will also invest in the terminal.
The project includes a berth to dock LNG carriers with a shipping capacity of between 80,000 and 266,000 cubic metres, and three storage tanks with a capacity of 160,000 cubic metres each.
The leading Chinese LNG developer did not specify where it would source the clean fuel for the project.
The project is designed to receive 6 million tonnes of LNG per year in its second phase.
CNOOC said it would also join hands with local energy companies to build a 38.7-kilometre natural gas pipeline with an initial transportation capacity of 4.2 billion cubic metres per year.
The line will be able to transport 8.4 billion cubic metres of gas when its second phase is completed.
CNOOC started operating its second LNG project in Fujian in May after bringing its first in Guangdong into operation in 2006. A third in Shanghai is under construction and is expected to be operational in September this year.
($1=6.832 Yuan) (Reporting by Jim Bai and Tom Miles; Editing by Chris Lewis)
