In a statement published in CNOOC’s official magazine Zhongguo Haiyang Shiyou Bao, the company said, “CNOOC and the Hebei Provincial Development and Reform Commission [have] sealed the deal in Beijing and under the deal studies will be conducted into market demand in Hebei and the source of gas supply for LNG development in the province.”

“If the commercial value of the project can be corroborated, a preliminary feasibility study will be made into the building of an LNG terminal in Hebei [and a] proposal will be submitted to the National Development and Reform Commission (NDRC).

“Once approval from the NDRC for the project is granted, CNOOC plans to establish a company to build the terminal and its transmission pipelines, and will take a controlling stake in the venture,” added the company, which did not elaborate further.