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.