BP to build China's LNG plant

BP to build China's LNG plant

BEIJING (Reuters): China has picked world oil giant BP Amoco
Plc as the foreign partner to help build and manage a $600
million liquefied natural gas (LNG) terminal in the southern
province of Guangdong, the Xinhua news agency said on Monday.

The China National Offshore Oil Corp and other partners would
invite BP to sign a cooperation agreement on the project and then
conduct joint feasibility studies, Xinhua said. The joint venture
for the project would likely be set up this year, it said.

Officials have said the foreign partner would hold a 30
percent stake in the project while Chinese and Hong Kong partners
would hold the remaining 70 percent.