China’s Yantai Port Group to launch liquefied natural gas storage facilities by 2022
Yantai Port Group is planning to invest in a 11.5 million-tonne storage project
China’s Yantai Port Group is planning to launch two liquefied natural gas (LNG) storage facilities by 2022, and is expecting to receive government approval for the facilities in the next few months, Reuters reported.
Yantai Port holds a 19 per cent stake in the project and is constructing the facilities along with Yantai LNG Group.
One of the facilities will have a capacity of five million tonnes per year, and the other 6.5 million tonnes per year.
Officials told Reuters that phase one of the project is due to cost approximately $1.1 billion, and involves the construction of the LNG-dedicated port area – a berth capable of receiving LNG carriers with a capacity of up to 266,000 cubic metres; a 50,000 cubic metre transshipment berth; and five 200,000 cubic metre storage tanks.
Phase one, expected to start in 2022, will receive five million tonnes of LNG a year.
Phase two of the project, which is scheduled to be launched by 2025, will involve the construction of two LNG berths capable of receiving LNG carriers with a capacity up to 266,000 cubic metre carriers and five more 200,000 cubic metre storage tanks.
Yantai Port is located in the Shandong province in an industrial and petrochemical hub in eastern China. It has one quarter of China’s steel capacity and is a big coal-consuming region.