On June 9, CNOOC launched the construction of world's largest LNG storage tanks in Yancheng Binhai Port Industrial Park in Jiangsu Province. CNOOC Chairman Wang Dongjin attended the groundbreaking ceremony of Jiangsu LNG Phase I expansion project and announced its kick-off.

Wang Dongjin expressed that CNOOC, as the leading LNG player in China, will further boost its clean energy supply capacity to help achieve China's carbon peak and neutrality targets.

In addition to 4 existing LNG storage tanks, each with a volume of 220,000 cubic meters, 6 new ultra-large tanks and auxiliary facilities will be built. The ultra-large tanks are independently developed and designed by CNOOC, each with a volume of 270,000 cubic meters. Upon the completion in 2023, Jiangsu Binhai LNG receiving terminal will have an annual LNG processing capacity of 6 million tons, and Jiangsu LNG will become one of the largest LNG storage bases in China.

Compared with coal and petroleum, 6-million-ton LNG can help reduce carbon dioxide emissions by 18.82 million tons and reduce nitrogen oxides by 334,000 tons.