China LNG signed a LOI with Chu Kong Shipping to support LNG bunkering.
China LNG Group Limited (China LNG) today announced that it has signed a letter of intent (LOI) with Chu Kong Shipping Enterprises (Holdings) Co., Ltd. (Chu Kong Shipping) to support the development of liquefied natural gas (LNG) bunkering in the Pearl River Delta (PRD).
Specifically, the agreement addresses investments for the construction of LNG refuelling docks, LNG refuelling stations, and LNG storage at Chu Kong Shipping passenger and cargo terminals in PRD, as well as financing services to Chu Kong Shipping for the purchase of LNG vessels and vehicles to replace its existing fleet.
China LNG Group
Both parties agreed to accelerate the development of the LNG businesses and inland river shipping...
The company notes that, under the LOI, "both parties agreed to accelerate the development of the LNG businesses and inland river shipping and construction at Xijiang and Beijing to become a prosperous shipping route along the Pearl River Delta."
China LNG also notes that it "will make use of its professional advantages to bring in cooperation with domestic mega professional state-owned enterprises and provide funds and professional technical support for the cooperation."
In April, Ship & Bunker reported that Dr. Gan Shao Wei, director and LNG expert at the China Classification Society (CCS) said that, despite China's 2011 launch of a pilot project to establish a policy framework for the country's adoption of LNG bunkers, regulation to encourage their uptake still had gaps.