China''s CNOOC to Construct Floating LNG Facility

China National Offshore Oil Corp. (CNOOC Group) said that it planned to construct the country's first floating liquefied natural gas (LNG) receiving and storage facility, reported Reuters.

The company added that the USD892.84 million facility would be located in the northern city of Tianjin, and would have an annual capacity to receive 2.2 million tons of LNG.

It also said that the firm along with its partners would either purchase or rent a floating facility for the Tianjin project; moreover, the firm would add a number of floating facilities along the coastline.

It is worth noting that the project would begin operations in 2014, and all the LNG will be imported.

(menafn.com)