China's CNOOC awards US$2.4 billion LNG tanker building contracts

SINGAPORE (May 5): China National Offshore Oil Co (CNOOC) has awarded 16 billion yuan (US$2.42 billion) worth of contracts to build 12 liquefied natural gas (LNG) tankers, the largest of their kind in the country, the company said on Thursday.

China is the world's largest buyer of the super-chilled gas, while CNOOC is the country's largest importer of the fuel and among the state majors leading a drive to expand their LNG fleet to meet rising import needs and facilitate fast-growing global trade.

The 12 vessels will be built by Hudong Zhonghua Shipbuilding Co, a unit of China State Shipbuilding Corp (CSSC), utilising the so-called fifth-generation LNG tanker technology that reduces fuel consumption and carbon emissions, CNOOC said in a statement on its website.

Each tanker can carry up to 174,000 cubic metres of LNG, equivalent to 108 million cubic metres when regasified.

The vessels are slated for commissioning between 2024 and 2027, CNOOC said.

The company, which first imported LNG in 2006, has built 10 LNG tankers and also engaged in joint vessel designing in tie-ups with CSSC.