Mon, 20 Sep 2021

China's National Offshore Oil Corporation (CNOOC) has expanded the construction of what will be the world's largest liquefied natural gas (LNG) storage tanks in Yancheng Binhai Port Industrial Park in Jiangsu province.

Overall, six tanks will be built at a cost of 6.1 billion yuan ($955 million), the company said. Upon completion at the end of 2023, the full project will have 10 tanks, including six new ultra-large tanks, which will have a total volume of 270,000 cubic meters.

According to the company, the Jiangsu LNG Binhai Receiving Station, which will house the six LNG storage tanks, will have an annual LNG processing capacity of 6 million metric tons and will become the largest LNG storage base in China.

The construction will play a key role in the country's natural gas supply, storage and sales system, CNOOC said.

The project also plays a major part in the industrial upgrade of the Yangtze River Economic Zone, it added. Some 6 million tons of LNG can help reduce carbon dioxide emissions by 18.82 million tons and nitric oxide emissions by 334,000 tons, compared with traditional energy like coal and oil, it said.

For more stories on economy & finance visit RT's business section

(RT.com)

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