Yantai Port is located in the Shandong province, which has one quarter of China’s steel capacity and is a big coal-consuming region.
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.