Chinese oil and gas player CNOOC has started the construction of six LNG storage tanks at its Binhai LNG import terminal in Jiangsu.

China National Offshore Oil Corp (CNOOC) will expand the Binhai LNG terminal by adding six new large LNG tanks with a storage capacity of 270,000 cubic metres each, Reuters reports.

Besides the tanks, the expansion will also include ancillary facilities.

The expansion is predicted to cost approximately $955 million, or 6.1 billion yuan. It is scheduled to be completed in late 2023.

Binhai LNG terminal currently features four LNG storage tanks, each with a capacity of 220,000 cubic metres.

CNOOC says the facility will be the largest LNG storage project in China after the expansion is wrapped up.

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