May 30, 2018 / 11:38 AM / a year ago

PetroChina to spend 5.3 bln yuan on Chongqing gas storage - Xinhua

BEIJING, May 30 (Reuters) - State-controlled PetroChina will this year start building two underground natural gas storage sites in China’s southwest at a total cost of 5.3 billion yuan ($825.7 million), the official Xinhua news agency reported on Wednesday.

PetroChina Southwest Oil and Gas Field Co will build the facilities, which will ensure combined annual supply of 1.28 billion cubic metres of gas on completion in 2022, in Tongluoxia and Huangcaoxia in the municipality of Chongqing, Xinhua said.

China is aiming to turn hundreds of wells, including in mountainous Chongqing, into storage facilities for gas piped over from Myanmar and Turkmenistan, after a severe winter supply crunch left it short of the clean-burning fuel.

The PetroChina unit plans to build six gas storage sites in Chongqing, Xinhua said, after which the region will become China’s largest underground gas storage base.

PetroChina did not immediately respond to a request for comment.

$1 = 6.4185 Chinese yuan renminbi Reporting by Tom Daly; Editing by Mark Potter

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