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

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 tons and deliver 4.8 billion cubic meters of natural gas every year. The second phase will boost the annual processing capacity to 6.5 million tons and deliver 8.7 billion cubic meters of natural gas every year. The terminal, with its LNG sources mainly from Qatar, will be linked up to Ji-Ning Branch of the West-East Gas Pipeline.