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Six LNG storage tanks, operated by PetroChina, are currently situated on Yangguang Island. [Photo/ntfabu.com]

An agreement was signed on Sept 23 to build an LNG terminal costing 10 billion yuan ($1.55 billion) on Yangguang Island in Yangkou Port – situated in Rudong county, administered by Nantong city in East China's Jiangsu province.

The signatories for the project were China Resources Group, the Yangkou Port Group and the Administrative Committee of the Yangkou Port Economic Development Zone.

Under the plan, China Resources Group will build six LNG storage tanks on the island, each with a capacity of 200,000 cubic meters, a dedicated berth for tankers carrying 80,000 cu m to 267,000 cu m of LNG, as well as support facilities.

The annual design LNG receiving and unloading capacity will be 6.5 million tons, with the project  scheduled to start construction in the first quarter of 2022 and begin operating in 2025.

It is expected to greatly improve the peak load regulation and supply protection capacity of China Resources in the Yangtze River Delta region – further optimizing its gas resources infrastructure and reducing costs.

In recent years, Rudong has been vigorously developing its LNG energy industry. On Yangguang Island, which covers 3 square kilometers, six LNG storage tanks operated by PetroChina have already been built, with a total storage capacity of 1.08 million cu m and an annual unloading capacity of 10 million tons of LNG.