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CNOOC starts work on world’s largest LNG storage tanks

© BloombergSignage for Cnooc Ltd. is displayed on the company's headquarters in Beijing, China, on Tuesday, July 24, 2012. Photographer: Nelson Ching/Bloomberg
Signage for Cnooc Ltd. is displayed on the company's headquarters in Beijing, China, on Tuesday, July 24, 2012. Photographer: Nelson Ching/Bloomberg

Chinese oil and gas giant CNOOC is set to install the world’s largest storage tanks at the Binhai LNG import terminal in Jiangsu by the end of 2023, reported Reuters.

Reuters said that CNOOC has finished the foundation for six new ultra-large liquefied natural gas (LNG) storage tanks each sized 270,000 cubic meters and that will reach a height of 60 metres. The site of the LNG receiving terminal is at Yancheng Binhai Port Industrial Park in Jiangsu province.

CNOOC said it officially started building the main body of the storage tanks on 20 February 2022.

Binhai LNG terminal currently has four LNG storage tanks, each with a capacity of 220,000 cubic metres.

Once the project is finished, it will have ten tanks and the capacity to receive 6 million tonnes of LNG every year. It will be China’s largest LNG storage site, when operations start by the end of 2023.

China LNG demand to peak in 2022

CNOOC previously said that the cost of the expansion would be around $955 million, or 6.1 billion yuan.

In addition to LNG operations, the project will also feature facilities for hydrogen production with gas.

Fitch Solutions estimates that Chinese LNG imports rose to around 114 billion cubic metres in 2021, eclipsing Japan as the largest demand centre globally.

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