Yantai LNG Group has in its plans to launch an LNG import terminal by 2022, and it now expects government approval. The terminal will be built in two phases, the first phase featuring a capacity of 5 million tonnes per year and the second with 6.5 million tonnes per year.
Yantai Port is located in the Shandong province, which has one quarter of China’s steel capacity and is a big coal-consuming region.
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According to Reuters, Phase 1 of the import terminal will cost $1.1 billion and will include an LNG-dedicated port area, a berth that can accommodate LNG tankers of up to 266,000 cubic meters in capacity, a 50,000 cubic-meter transshipment berth, as well as five 200,000 cubic-meter storage tanks. This phase is expected to begin in 2022, receiving 5 million tonnes of LNG a year and regasifying 40 million cubic meters a day.
Phase 2 will start by 2025, and will include two LNG berths receiving up to 266,000 cubic-meter carriers and five more 200,000 cubic-meter storage tanks. This will expand Yantai LNG’s receiving capacity to 11.5 million tonnes per year.
What is more, Yantai Port Group is also investing in another 5 million-tonne storage project at Yantai Port that China National Petroleum Corp (CNPC) plans to construct by 2022.
Finally, Yantai Port will also build a 300,000-tonne crude oil berth for a new petrochemical project in Yantai.
