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ZhenHua Oil completed equity investment in Rudong LNG Receiving Terminal, highlighting its breakthrough in key business

PublishTime:2022-08-05 Hits:46

On May 9, 2022, ZhenHua Oil's acquisition of 34% equity share of Jiangsu Guoxin Liquefied Natural Gas Co., Ltd. has officially completed, which marks ZhenHua Oil’s successful movement into its first LNG industry investment by acquiring LNG terminal in China core natural gas consumption market, hence debottlenecking LNG logistics and establishing its own LNG import industrial chain. At the same time, it’s also ZhenHua Oil’s key movement in deeply integrating into the new development pattern of "dual circulation", actively practicing "carbon peaking and carbon neutrality goals", keeping up with the pace of China natural gas market opening up, and implementing its strategy of "simultaneous development in oil and gas" with high quality. ZhenHua Oil Project Team has "made every effort in three years", and taken another solid step on natural gas business development.

Jiangsu Guoxin LNG Receiving Terminal is located in Yangguang Island, Yangkou Port Economic Development Zone, Rudong County, Jiangsu Province. Phase I includes three 200,000m3 LNG storage tanks and other facilities, which has started construction at the end of 2020 and is expected to come online by the end of 2024. In early 2022, the project has obtained the approval on port planning adjustment from the Ministry of Transport and Jiangsu Provincial Government, which is the key condition precedent of Phase II. Upon completion, this terminal will become an important regional hub in East China for LNG storage and transportation, as well as local peak shaving and gas supply security. It will also play a key role in connecting ZhenHua Oil’s LNG industrial layout at home and abroad.

The acquisition of Jiangsu Guoxin LNG Receiving Terminal will further consolidate ZhenHua Oil’s investment layout of key logistics assets in domestic coastal ports,  implement ZhenHua Oil's "simultaneous development of oil and gas” strategy, help achieve the goals of the "14th Five-Year Plan", and realize its leap-forward development in the natural gas sector.