Yantai LNG Fast-tracks Construction
On April 14, 2020, the second board of directors of Poly-GCL Pan-Asia International Energy (Shandong) Co., Ltd. (“Yantai LNG”) held their first meeting in Yantai.
Yantai LNG Managing Director Yu Bo delivered a performance report on Yantai LNG’s work and achievements leading to its government approval. The board then defined strategies for accelerating the construction of the Yantai LNG project in response to appeals from the National Development Reform Commission of China (NDRC), the Shandong Energy Administration, and Yantai city government.
The Yantai LNG board approved changes to the Board of Directors and Board of Supervisors. Eric Wang, Chairman of H. Sterling Group Pte., Ltd. and Poly-GCL Petroleum (Yantai) Holdings Ltd., was appointed as Chairman of Yantai LNG for a term of three years. The board also approved changes to executive management and the organizational structure and approved plans for introducing strategic investors, construction, annual investment, project financing options, and equity raising. In response to current challenges faced in project construction, the board reached consensus following thorough discussion.
The Yantai LNG receiving terminal was officially approved by the NDRC on January 9, 2020. Yantai LNG has been listed by the Shandong government as a key project for the economic development of the province. Essential to improving natural gas access and storage capacity in Shandong Province and the Bohai Sea region, Yantai LNG has received significant support from industry leaders and governments at all levels. H. Sterling Group, a primary participant in the planning and construction of Yantai LNG, is determined to work with investors and developers to construct the largest energy port in northern China, providing a full range of energy services on an open platform to all clients.