News Column

PetroChina LNG Investments Fail

August 19, 2014

SHANGHAI, August 19, SinoCast -- Sources disclose that PetroChina Company is appraising a billions of dollars LNG investment project and will shut down two struggling gas liquefaction plants. LNG is used to replace diesel and is used as fuel for automobiles and ships.

Cost rise and economic growth slowdown cooled demands, resulting in investment failure. Sources show that Kunlun Energy, a unit of PetroChina, closed down two main plants in the past month.

Kunlun Energy shut down a LNG plant with an annual output capacity of 1.2 million tons in Huanggang, Hubei province in July. Another plant in Ansai, Shaanxi province was closed down a month ago. When the two plants will resume production is unclear.

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Source: Sinocast Energy Beat (China)

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