Cnooc's Zhejiang Terminal's Sales Spike

Cnooc Gas and Power, a unit of state-owned Cnooc, said July 12 its Zhejiang LNG terminal has sold 1mn mt of LNG during the period January 1-July 11, an increase 101% over the same period of last year.

The terminal, located near the city of Ningbo in the eastern Chinese province of Zhejiang, became operational in September 2012. Since the start of operations six years ago, the terminal has sold 4.35mn mt of LNG and 8.07mn mt of regasified LNG.

Last month, Cnooc Gas and Power commenced work on the second phase of the Zhejiang terminal. Once the second phase is complete by end-2020, terminal’s capacity will double to 6mn mt/yr.

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.