CNOOC starts work on world's largest LNG storage unit

Jiangsu facility will cost $956m, boost green push, spur gas tank technology

China National Offshore Oil Corp, the country's top offshore oil and gas producer, expanded the construction of what will be the world's largest liquefied natural gas or LNG storage tanks in Yancheng Binhai Port Industrial Park in Jiangsu province on Thursday.

In all, six tanks independently developed and designed by CNOOC will be built at a cost of 6.1 billion yuan ($955.9 million).

In the first phase, four LNG storage tanks had been built. Upon completion at the end of 2023, the full project will have 10 tanks, including six new ultra-large tanks, which will have a total volume of 270,000 cubic meters. Supporting facilities will start operations at the same time.