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Project Insights

CNOOC aims to turn around China's Hainan LNG terminal

State-owned CNOOC hopes its LNG terminal on the southern island province of Hainan will eke out a profit by the end of this year after enduring years of losses State-owned CNOOC hopes its LNG terminal on the southern island province of Hainan will eke out a profit by the end of this year after enduring years of losses.
By Tang Tian 12 December 2019 Asia Pacific / LNG 0 34875
A Qatargas tanker docked at CNOOC's Hainan LNG terminal, China. (Qatargas)

The key issue: CNOOC stands to begin reaping the benefit of its decision to turn the Hainan LNG terminal into a distribution hub for southern China, Southeast Asia and Japan.

Interfax analysis: The potential for the 3.0 mtpa Hainan regasification terminal to become profitable in 2019 would end years of losses incurred from reselling imported LNG into China’s domestic market. It would represent a milestone for the facility – originally intended to serve Hainan’s gas market – and vindicate China National Offshore Oil Corp.’s (CNOOC’s)...