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News // Asia

Chinese Cmpetition Grows

30 January 2004 , 09:13388
China National Offshore and Oil Corp plans to build an LNG terminal in the Yangtze River delta to import gas from the Australian gas field its listed unit, CNOOC, is negotiating to buy into. The project will form another piece in China National's ambitious plan to build a pipeline network covering the entire mainland coastline.

This project is expected to compete head-to-head with PetroChina's west-east pipeline, which also targets the prosperous coastal provinces of Zhejiang, Jiangsu and the city of Shanghai, as well as the inland provinces of Anhui, Henan and Shanxi.

Red chip CNOOC, China's dominant oil producer, aims to close a deal this year to buy a 12.5 per cent stake in Western Australia's offshore Gorgon gas project, chief financial officer Mark Qiu Zilei said. A letter of intent was signed in October.
Production is targeted to start between 2008 and 2010, and China National plans to build a terminal to receive and regasify liquefied gas shipped from Gorgon.

Although no partners for the project have been announced, it is believed the company will seek partnerships once the deal is signed.

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