Cnooc's Zhejiang Terminal Jumps

Cnooc Gas and Power’s Zhejiang LNG terminal, located near the city of Ningbo in the eastern Chinese province of Zhejiang, has unloaded in excess of 1mn metric tons of LNG during the period January 1 - March 24, up 42% year-on-year, Cnooc Gas and Power said March 26.

The Zhejiang terminal was commissioned in 2012 with LNG imported from Qatar. Cnooc Gas and Power has 51% stake in the terminal while other shareholders are Zhejiang Energy Company (29%) and Ningbo Power (20%).

Last year, the terminal unloaded 5.47mn mt of LNG, up 52% year-on-year, as downstream demand for gas was robust. Cnooc Gas and Power expects gas demand to be strong this year as well.

China imported record volumes of LNG in 2018 due to robust domestic gas demand owing to government's aggressive coal-to-gas switching policy.