12 March 2009 – The joint venture agreement of Jiangsu LNG Project was signed in Beijing. PetroChina Company Limited, Pacific Oil & Gas Limited and Jiangsu Guoxin Investment Group Limited will join hands to construct and operate the Jiangsu LNG Terminal. The three parties hold 55%, 35% and 10% stock rights of the joint venture company respectively.

The project comprises man-made island, receiving terminal, wharf and trestle; and an undersea pipeline. The first phase of the project will cost RMB6 billion. The wharf on man-made island will have the capacity for carriers of 267,000 cubic meters, the largest in the world.

The construction of Jiangsu LNG Terminal will be performed in two phases. The first phase will build an annual processing capacity of 3.5 million tonnes and supply 4.8 billion cubic meters of LNG per year. The second phase will boost the annual processing capacity to 6.5 million tonnes and supply 8.7 billion cubic meters of LNG per year.