CNOOC Wins Approval for Hainan LNG project

China's National Development and Reform Commission has approved CNOOC Group's 2.0 million tonne-per-year liquefied natural gas project on the southern island province of Hainan.

First phase of the Hainan LNG terminal is expected to be operational in 2014 and reach the designed capacity of receiving 2.0 million tonnes of the super-cooled gas per year in 2016, the commission said.

In connection with the project, Hainan will build China's largest LNG storage and transferring centre, according to the commission.

CNOOC holds a 65% stake in the project, while Hainan Development Holdings Ltd. has the remainder. CNOOC is the parent of CNOOC Ltd.