CNOOC nets USD 1.6 bln Yamal LNG deal

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CNOOC nets USD 1.6 bln Yamal LNG deal

A unit of China National Offshore Oil Corporation said it had signed the company’s largest ever contract with Russia’s Yamal LNG project. The contract value is about $1.6 billion.

Under this deal, CNOOC’s Offshore Oil Engineering Co will construct core modules for the liquefaction process of the Yamal plant. This is also China’s first contract for the construction of core modules for the liquefaction process, the company said in a statement.

Yamal LNG, in which Russia’s Novatek holds 60 percent interest, Total and CNPC 20% each, will include a major integrated complex for the liquefaction of natural gas with a production capacity of 16.5 million tons per annum.

The three process trains that will make up this complex will have an annual production output of 5.5 million tons each, and are planned to be commissioned in 2016, 2017, and 2018.

LNG World News Staff, July 10, 2014; Image: Novatek

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