(Yicai Global) Oct. 31 -- Chinese regulators recently gave the go ahead to a CNY25.4 billion (USD3.6 billion) liquid natural gas project in Tangshan city, marking the official launch of the country's largest LNG venture.
Caofeidian Suntien Liquefied Natural Gas, a unit of Shijiazhuang, Hebei province-based China Suntien Green Energy, will undertake the construction work, it's parent company said via WeChat today.
Located at Caofeidian Port, the facility is the first large-scale natural gas project in Hebei and forms a key part of China's natural gas production, supply and distribution system.
When put into operation, the project will serve northern China, supplying Beijing, Tianjin and Hebei. It will be able to handle 12 million tons of LNG a year and will be built in three phases. The first will cost CNY8.1 billion.
Set up in 2010, China Suntien Green Energy mainly works on the development and application of new and clean energy sources.