Cnooc's Zhejiang Terminal Jumps

Cnooc Gas and Power, a unit of Chinese state-owned Cnooc, said June 21 that its Zhejiang LNG terminal has unloaded and processed 2.23mn metric tons of LNG since start of this year, an increase of 94% year on year.

The company expects the terminal will unload over 5mn mt of LNG in 2018 compared with 3.58mn mt last year. The terminal is near the city of Ningbo in the eastern Chinese province of Zhejiang. Cnooc Gas and Power has 51% stake in the terminal while other shareholders are Zhejiang Energy Company (29%) and Ningbo Power (20%).

The Zhejiang LNG terminal was commissioned in 2012 with LNG imported from Qatar.

With focus on reducing air pollution, China is promoting cleaner fuels like natural gas which has boosted the demand for LNG. Asia’s biggest economy imported record LNG volumes last year as consumers switched from coal to gas.