Zhoushan signs 20b yuan LNG project with Sinopec

A signing ceremony for the Sinopec Zhejiang Zhoushan Liuheng liquefied natural gas (LNG) project was held in Zhoushan, Zhejiang province on May 27.

He Zhongwei, Zhoushan's deputy Party secretary and mayor, and Duan Yanxiu, Party secretary of Sinopec Tianranqi Co and executive director of Sinopec Natural Gas Co Ltd, attended the ceremony.

The Sinopec Zhejiang Zhoushan Liuheng LNG project in Zhoushan, Zhejiang province is crucial to meeting natural gas demand in provinces and cities along the Yangtze River Economic Belt in response to the national call to replace coal with gas along the Yangtze River.

Additionally, it is also a key supporting project in promoting international energy cooperation under the Belt and Road Initiative. With an aggregate investment of 20 billion yuan ($2.8 billion), the project will be fully completed and put into operation by 2024.

"Sinopec is the country's top oil and gas company, and the China (Zhejiang) Pilot Free Trade Zone strategically located along a complete oil and gas industrial chain. The cooperation between the two sides will better ensure national energy security," said a person in charge at Sinopec.