Dalian Port and Chinese state-controlled oil giant PetroChina have agreed to set up a 50-year, yuan 2.6 billion ($380.4 million) joint venture to develop and operate an LNG regasification terminal. The terminal will be in the Xingang district of the key seaport in China's northeastern Liaoning province.rnDalian Port will own 20% of the JV PetroChina Dalian LNG Company. Majority stakeholder PetroChina will control 75% of the JV, and Dalian Construction Investment Corp, a local government investment arm, will have the remaining 5%.rnIt will have a jetty and three LNG storage tanks. Maximum investment in the terminal project is estimated at yuan 6 billion ($878.6 million), Dalian Port said and the terminal is expected to start operations in 2011. It will mainly serve natural gas users in Liaoning, with industrial and commercial businesses to account for a key proportion of the gas consumers in the province.
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