June 27th, 2012 | Global Times CNPC wins approval
Top oil and gas producer China National Petroleum Corp (CNPC) has won approval for a liquefied natural gas (LNG) storage project on Hainan Island, the company confirmed yesterday.
The 850 million yuan ($133.6 million) Shennan LNG storage project consists of 200,000 cubic meters of LNG storage tanks and a wharf with a receiving capacity of 10,000-20,000 cubic meters on LNG ships, CNPC said.
The first phase of the project, with a storage capacity of 40,000 cubic meters, is expected to be put into operation in May 2013, it said.
CNPC has said it plans to step up LNG sales in the coming years, in line with a government push for cleaner energy.
It plans to sell 11.5 billion cubic meters or around 9 million tons of LNG to domestic users by the end of 2015 and aims to promote the use of LNG in at least 200,000 vehicles by the end of 2015.
Longfor buys new land
Longfor Properties, one of China’s top 10 developers by sales, announced yesterday that it has bought a major parcel of land in Xiamen of East China’s Fujian Province, the latest in a series of deals that raise hopes of a recovery in the sluggish property sector.
Longfor said it bought a 529,900-square-meter site in Xiamen for 1.74 billion yuan ($273 million), after Evergrande Real Estate made a big purchase in Guangzhou this month at a record rate of 32,968 yuan per square meter.
Some Chinese developers are beginning to replenish their land banks in markets where they have posted improving sales performance, market watchers said.