The CNOOC Gas and Power Group, a wholly-owned subsidiary of CNOOC, China's largest offshore oil and gas producer, informs that its first floating liquified natural gas (LNG) project has gone through government approval, reports Xinhua.

The floating LNG terminal project, located in north China's Tianjin Municipality, will be the first of its kind to be built in the country.

Citing a CNOOC statement Xinhua reports that the company will spend 3.3 billion yuan (534.7 million U.S. dollars) to build the floating LNG terminal, which will ensure fast supplies and shorten the construction period for its Tianjin LNG project by up to four years.

The floating LNG project will supply 3 billion cubic meters of gas each year, according to CNOOC, however, they were unable to say when construction on this floating facility will be completed.

Source: Xinhua