SK becomes shareholder in ENN’s Zhoushan LNG terminal

South Korea’s SK E&S has finalized the purchase of a 10 percent stake in ENN’s Zhoushan LNG import terminal in China.

The completion of this deal follows the signing of a cooperation agreement between the duo on April 24, according to a joint statement on Wednesday.

The two companies did not reveal financial details of the transaction.

The 3 mtpa Zhoushan facility, launched in 2018, is China’s first privately-owned large LNG import terminal.

The Chinese gas distributor is expanding the terminal located in the Zhejiang province to a total of 5 mtpa. It expects to launch the new facilities next year.

SK becomes shareholder in ENN's Zhoushan LNG terminal
Image: ENN

ENN said it hopes the new partnership would lead to further cooperation between the duo in “broader and more diverse fields.”

On the other side, this deal will enable SK to bring its LNG volumes from Australia and the US to China.

The South Korean company has long-term offtake deals with Chevron’s Gorgon LNG project in Australia and the Freeport project in the US.

It also has a contract for LNG supplies from BP’s Tangguh export plant in Indonesia.

Most Popular

Excelerate buys NFE’s Jamaica business for $1.05 billion

US FSRU player Excelerate Energy has entered into a definitive agreement with compatriot LNG player New Fortress Energy to acquire NFE’s business in Jamaica for $1.055 billion in cash.

Japan’s Tokyo Gas to expand LNG trading business

Japan’s city gas supplier and LNG importer, Tokyo Gas, plans to expand its liquefied natural gas trading business further, including in the US.

Shell CEO expects progress on Venture Global arbitration this year

Shell’s CEO Wael Sawan expects to have an update on an arbitration dispute with US LNG exporter Venture Global LNG later this year.

More News Like This

SK Innovation, SK E&S launch new company after merger

South Korea's SK Innovation and SK E&S have officially completed their merger, launching a new entity on November 1. Following...

SK Innovation, SK E&S merger approved

Shareholders of South Korea’s SK Innovation have approved the previously announced merger deal with SK E&S. Last month, the two...

South Korea’s SK Innovation, SK E&S agree to merge

South Korea's SK Innovation and SK E&S have agreed to merge into one firm, creating the largest private energy...

Adnoc inks Ruwais LNG supply deal with China’s ENN

UAE’s Adnoc has signed a heads of agreement with a unit of Chinese independent gas distributor ENN to supply...