June 12, 2021 [Nasdaq] – China National Offshore Oil Corp (CNOOC)[SASACY.UL] has started the construction of six liquefied natural gas (LNG) storage tanks at its Binhai terminal in eastern province of Jiangsu.

The tanks, with a storage capacity of 270,000 cubic metres each, will be built at the same time with ancillary facilities, CNOOC said in a statement on Wednesday night.

Binhai terminal currently has four LNG storage tanks, each with a capacity of 220,000 cubic metres.

The expansion project will involve total investment of 6.1 billion yuan ($955.56 million) and is scheduled for completion in late 2023.

($1 = 6.3837 Chinese yuan renminbi)

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