TGE agrees $200m EPC deal for Zhejiang LNG terminal

China International Marine Containers (CIMC) has announced that its subsidiary, TGE Gas Engineering, has won the bid on an EPC (engineer, procure and construct) contract for an LNG terminal project in Zhejiang.

CNOOC Zhejiang Ningbo LNG Co, the owner of the Zhejiang LNG Receiving Station Project, called for bids for the storage tank EPC contract in November 2008, and has recently selected a group including TGE-China Chengda Engineering as successful bidders on the project.

The agreement covers the construction of storage tanks for use at the terminal, and is estimated by CIMC to be worth between RMB 1.2 billion and 1.4 billion (approximately US$175 million to $205 million).

TGE Gas Engineering is 60 per cent owned by CIMC, with Gasfin Investment holding the other 40 per cent. CIMC notes that there is no direct relationship between itself and Gasfin.

The execution period outlined in the deal is 60 months from the signing date of the contract.

(Source: Port Financial International)