LOS ANGELES, Nov 22 -- China National Offshore Oil Corp. (CNOOC) and Hainan Development Holding Co. (HDHC) reported plans to invest $691 million to build an LNG import facility at Hainan.
Phase 1 of the project, due for completion by 2009, will have capacity of 2 million tonnes/year by 2012, rising to 3 million tonnes/year by 2015.
The project is designed to meet Hainan's gas needs for 25 years. Hainan's demand for gas stands at 7.3 billion cu m/year, leaving an annual gas shortage of 2.3 bcm.
CNOOC will hold 65% of the facility and HDHC, 35%.
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