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According to a statement by GTT’s unit in China, the two firms will engage in comprehensive cooperation around the technology of onshore membrane full containment tank, including technology research and development, engineering applications, and market promotion.
BPE has experience in natural gas liquefaction, peak shaving station construction and other fields, and has undertaken multiple national projects including LNG projects owned by Shaanxi Yanchang Petroleum (Group), the statement said.
Adnan Ezzarhouni, general manager of GTT China said the cooperation between the two firms will “fully leverage their complementary advantages, jointly expand potential markets, and provide greener cryogenic storage solutions for the energy industry.”
GTT is mainly providing LNG tanks for LNG carriers, LNG fueled-vessels, etc.
However, LNG storage tanks in China already feature GTT’s GST membrane containment technology.
Last year, China’s Beijing Gas launched the third phase at its Tianjin Nangang LNG import terminal in the Tianjin south port industrial zone.
This phase included the construction of two 220,000-cbm LNG storage tanks, which feature GTT’s tech.
Following the launch of the third phase, the Tianjin Nangang LNG terminal has 10 operational tanks with a total capacity of 2.2 million cbm, and eight of these feature GTT tech.
In addition, GTT signed a license agreement with a unit of state-owned LNG terminal operator PipeChina last year.
The deal with PipeChina Engineering Technology Innovation (PipeChina Innovation) enables the latter to use GTT membrane containment technology for onshore LNG storage.
GTT received orders for 72 LNG carriers in 2024, while its revenues rose 50 percent to 641.4 million euros ($699.8 million) compared to 2023.
As of December 31, 2024, GTT’s order book, excluding LNG as fuel, stood at 332 units.
This includes 306 LNG carriers, 16 ethane carriers, three FSRUs, two FLNGs, and five onshore storage tanks.