In March 2007, China's National Development and Reform Commission (NDRC) officially approved the Jiangsu LNG Receiving Terminal project following its review of feasibility reports. The project is located on a reclaimed island currently being built offshore of Rudong in Jiangsu province.
Pacific Oil & Gas holds 35 percent share in the Jiangsu Rudong LNG Receiving Terminal company, with 55 percent held by Kunlun Energy, a Hong Kong listed subsidiary of PetroChina. The remaining 10 percent share is held by Jiangsu Guoxin, the investment company of Jiangsu province. This is only the second LNG Receiving project in China to involve a foreign shareholder.
The first phase of the project includes a receiving terminal capacity of 3.5 million tons of LNG per annum, including two LNG storage tanks, each of 160,000 cubic meters in capacity, and an LNG Jetty capable of handling LNG ships up to 267,000 cubic meters in capacity. In the second phase, the capacity of the terminal will be increased to handle 6.5 million tons of LNG per annum.
The first LNG cargo to the Rudong LNG Receiving Terminal was received in May 2011.