PetroChina and Yantai Port to develop new LNG terminal and expand a crude oil terminal

PetroChina’s two subsidiaries have signed contracts with state-owned Yantai Port Group to jointly build a new LNG receiving terminal and expand a crude oil terminal at Yantai port in eastern Shandong province.

Kunlun Energy and Yantai Port Group will jointly invest a total of around $1bn to build an LNG receiving terminal comprising four LNG storage tanks each 200,000 cbm in size and a dock capable of receiving 266,000 cbm LNG vessels.

Separately, PetroChina Fuel Oil, another subsidiary of PetroChina, and Yantai Port Group will jointly invest around Yuan 5 billion to expand a crude oil terminal that is capable of berthing 300,000-dwt vessels, and crude storage tanks at the west Yantai port, and to build the phase 2 Yantai-Zibo, or Yanzi, crude oil pipeline in Shandong province.

For more information visit www.petrochina.com.cn

11th January 2019