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A cooperation agreement between Rudong county and CNPC is signed on Feb 7. [Photo/WeChat account: rudongfb]

A framework agreement for a smart new energy project was signed on Feb 7 between China National Petroleum Corporation subsidiary Zhejiang Oilfield Co Ltd and Rudong county – administered by Nantong city in East China's Jiangsu province.

The partnership between Rudong and CNPC has a long history, with the group building its first LNG terminal on Yangkou Port's Yangguang Island in 2009.

As of the end of last year, the terminal had received 587 LNG tankers since opening and 48.98 million metric tons of LNG.

In recent years, Rudong's location has become increasingly advantageous and its economy has grown steadily.

In the field of new energy, in particular, the formation of a new energy industry development pattern – dominated by wind and solar power and LNG – has laid a solid foundation and provided ample opportunities for Rudong and CNPC to work together.

Zhejiang Oilfield Co's main business covers exploration, development, production, transportation and sales of crude oil and natural gas.

Since the start of the 14th Five-Year Plan period (2021-25), the company has increased its shift into new business areas such as solar thermal utilization, offshore and onshore wind power and geothermal energy.

The new energy project signed in this agreement involves a number of areas of new energy development and utilization.

It is understood that both sides will make full use of their experience and knowhow to promote the coordinated development of natural gas and new energy and expand business fields.