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BIZCHINA / Biz Media Digest
Energy: Sinopec, CNOOC to jointly develop Guangdong natural gas market
(Xinhua)
Updated: 2007-07-19 17:18
China Petrochemical Corporation (Sinopec Corp) and China National
Offshore Oil Corporation (CNOOC), two of the country's largest oil
operators, on Wednesday signed an agreement with South China's Guangdong
Provincial Government to jointly establish a natural gas supply and
transmission company in Guangdong.
Under the agreement, the Guangdong Natural Gas Pipeline Co will be
jointly set up by Sinopec Corp, CNOOC and a local company in Guangdong.
The Guangdong Provincial Government will take charge of the planning of
the natural gas pipeline network.
By co-establishing the company, the two oil giants will join in
developing the country's largest natural gas market, said analysts.
As one of the most economically developed regions in China, Guangdong is
expected to consume 12 billion cubic meters of natural gas every year by
2010.
According to analysts, Sinopec has advantages in natural gas network and
markets in South China, while CNOOC boasts rich natural gas resources
from both offshore China and overseas.
CNOOC's LNG (liquid natural gas) terminal in Guangdong went into
operation in 2006.
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