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Project Insights

CNOOC to delay LNG terminal startups until 2020

China’s shock drop in LNG imports last year and soft gas market has prompted its largest LNG importer to defer the launch of four coastal import terminals until the next decade China’s shock drop in LNG imports last year and soft gas market has prompted its largest LNG importer to defer the launch of four coastal import terminals until the next decade.
By Li Xin 16 May 2016 Asia Pacific / LNG 0 20303
CNOOC’s Tianjin FSRU is the company’s only LNG terminal in northern China. (CNOOC Tianjin LNG)

State-owned China National Offshore Oil Corp. (CNOOC) will postpone the startup of four LNG terminals until after 2020 because of gloomy prospects for the glutted domestic gas market.

The four terminals along the coasts of Liaoning, Shandong, Jiangsu and Fujian provinces will each have a receiving capacity of 3 mtpa, according to public statements by CNOOC. None of them will go online in the next five years, Jin Xiaojian, the company’s general manager of strategy and planning, told Interfax Natural Gas Daily.

CNOOC’s LNG arm, CNOOC Gas...