BEIJING: China is building the world's largest liquefied natural gas carrier with a capacity of 270,000 cubic metres to cope with the rising demand for the clean fuel in the nation, said a top shipbuilder.
Shanghai-based Hudong-Zhonghua Shipbuilding (Group), a shipbuilding unit of China State Shipbuilding Corporation, has joined hands with the Norway-based internationally accredited registrar and classification society DNV-GL for construction of the carrier, company officials said during the 19th International Conference and Exhibition on Liquefied Natural Gas in Shanghai.
Under the agreement, research and development work on the new vessel is set to be completed by the end of 2020. The two sides decided to go in for a supersized LNG carrier to account for the increasing clean fuel demand in the nation. Other reasons for using large-sized carriers, was the limited number of LNG terminals in China's coastal cities, long-haul voyages and the need to transport fuel in chilled containers.
Gas crisis deepens as LNG terminal shut for maintenance
The tri-annual industrial meet, also known as the LNG2019, is expected to draw more than 240 international speakers across four days, attracting heads of major companies in the global LNG market.
"This year, China will be the world's leading importer of natural gas," said Mike K Wirth, chairman and chief executive officer of US-based Chevron Corp, adding that the nation will continue to boost LNG imports over the next two decades.
China imported more than 53 million tons of LNG last year, reaching a new historic high by accounting for 60% of the total natural gas imports, Zhang Jianhua, head of the National Energy Administration told Jiemian.com in a recent interview.
China has built 21 LNG receiving terminals across the nation, with an annual receiving capacity of 80 million tons. Out of this, CNOOC accounts for 10 receiving terminals with a combined capacity of 45.2 million tons.
This article originally appeared On the China Economic Net
Published in The Express Tribune, April 6th, 2019.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.