Yantai LNG Sponsors 2020 China LNG & Gas Summit
Yantai LNG, spearheading the development of a 5.9 mmillion etric tons per annum (mtpa) LNG receiving terminal in West Yantai Port, China, was a gold sponsor of the 6th China International LNG & Gas Summit hosted by CWC on October 20th and 21st, 2020 at the Shanghai International Procurement Exhibition Center.
*Yantai LNG was a gold sponsor of the 6th China International LNG & Gas Summit in Shanghai.
Yantai LNG previously sponsored CWC’s 5th China International LNG & Gas Summit in Beijing in October 2019 for the first time. Exhibiting for a second time at this year’s summit, Yantai LNG welcomed LNG industry leaders from China and around the world to its front-and-center exhibition stand for consultation and exchange.
Eric Wang, chairman of Yantai LNG, was invited to share the latest developments in the Yantai LNG terminal project and Shandong Province’s energy market with summit delegates.
Citing coal’s domination over Shandong’s energy mix and the disparities between current coal consumption, access to natural gas, and provincial emissions targets, Eric emphasized the enormous market potential for gas in Shandong. With LNG receiving terminals in Yantai and Longkou and several transmission pipelines to commence operations within the next few years, Shandong will pivot from the periphery of China’s energy network to its center.
Yantai LNG is centering its efforts on starting construction in 2020 and securing downstream distribution and upstream supply partnerships in 2021. Yantai LNG welcomes partnerships with international upstream players for supply and terminal operation to serve industries, power producers, petrochemical companies, and city gas networks across Shandong Province. Yantai LNG serves as the bridge between upstream suppliers and downstream end users, driving Shandong’s energy transition.
On the eve of the summit, Yantai LNG hosted a cocktail and dinner gathering of over twenty enterprises from across the LNG value chain for introductions and discourse, including Woodside, Snam, Shell, Navig8, China Tianchen, Harbin Electric, Wison, and the Shanghai Petroleum and Natural Gas Exchange. At the dinner, Yantai LNG General Manager Yu Bo announced that the Yantai LNG terminal EPC contract award was to be signed next week.
The 6th China International LNG & Gas Summit focused on international trade, pricing mechanisms, energy transportation and logistics, terminal applications, and investment & financing as topics central to delegate interest. The summit reached industry leaders online and offline from over 50 companies across over a dozen countries.
About Yantai LNG
Yantai LNG (Shandong Poly-GCL Pan-Asia International Energy Co., Ltd.) is the developer and sole owner of the Yantai liquefied natural gas (LNG) terminal in West Yantai Port, Shandong Province, China. Phase I of the Yantai LNG terminal was approved in January 2020 to receive 5.9 million tons per year of LNG (mtpa) and will commence operations in 2023. The terminal boasts an LNG-dedicated harbor and waterway. Phase II capacity will reach 10 mtpa by 2025, and the terminal is directed by government policy to eventually expand to 40 mtpa. A 530-km, 48-inch pipeline originating at the Yantai LNG terminal will deliver gas to industry, power, and city gas networks across Shandong Province, serving a population of 50 million.