Chinese independent company Guanghui Energy earmarked 700 million yuan ($101.7 million) for the development of new LNG infrastructure.
According to the company’s filing to the stock exchange, the funds will go into the construction of two LNG storage tanks at the company’s Qidong LNG terminal in Qidong City, Jiangsu province.
In addition, the company plans to build new natural gas pipelines and service stations during 2017.
At the end of 2015, Guanghui Energy signed a heads of agreement with Malaysia’s Petronas for the supply of the chilled fuel starting in 2017. Liquefied natural gas would be delivered to the Qidong LNG import terminal.
Total investment by Guanghui Energy for the year 2017 is planned to reach 7 billion yuan.
1 CNY = 0.145401 USD
LNG World News Staff