Shell to Buy Stake in Zhoushan LNG Project

Royal Dutch Shell will buy a stake in a liquefied natural gas project at Zhoushan, Dow Jones said Tuesday.

Zhejiang provincial authorities have approved the investment for an import terminal and related facilities at Zhoushan, but the size of the stake Shell is taking hasn't been decided, the report said.

Shell on Tuesday confirmed its interest in Zhoushan, but declined to elaborate.

China National Offshore Oil Corp. is among the companies building the Zhoushan terminal, which will require a total investment of about $1.1 billion for the first phase of construction, which is due for completion this year.