Pacific Oil and Gas (PO&G), headquartered in Singapore and managed by Sukanto Tanoto’s Royal Golden Eagle (RGE), formed a partnership with Guangdong Yudean Natural Gas Co., Ltd. in China. The partnership was formed to build the Yangjiang LNG peak gas storage project. This project will provide the western province of Guangdong with a stable supply of liquified natural gas (LNG).
The partnership is based on an equal share of investment, with an initial investment of RMB 5.4 billion for the first phase. The project will have a LNG docking dock with one 217,000 m3 and two 160,000 m3 LNG storage tanks along with other supporting facilities. The facility currently handling up to 2.8 million tons annually will increase its capacity to 6 million tons per year after completion. The project is expected to be completed by the year 2024, thereafter beginning production.
On 28th August 2019, the Yangjiang LNG peak shaving gas storage project held an event at the project site to celebrate the partnership. Among the attendees of the event were Wen Zhanbin, Mayor of Yangjiang City; Chen Ji, Executive Deputy Mayor; Li Zhuoxian, Chairman of Guangdong Energy Group; and Chen Jianghe, the Chairman of Singapore-based Royal Golden Eagle Group.
This project will be a great improvement for the province as it will provide the following benefits: peak regulation, gas storage, emergency response, and gas supply safety of the Guangdong natural gas system.
An important point of focus for the stakeholders remains ensuring that the project is developed through a green, low-carbon, energy-saving and environmentally friendly economic sustainable development model. These goals will help conserve energy, reduce emissions and reform supply-side structures.
After the process has moved on to its infrastructure stage the goals considered by the project company will include safety, quality, and progress management.
The project has received all the support required from the stakeholders. They have been a part of the project throughout the journey, rooting for its success.
About Yudean Natural Gas Co., Ltd.
Yuden Natural Gas Co., Ltd. is a wholly owned subsidiary of Guangdong Energy Group Co., Ltd. The company was established in July 2014, registered with a capital of 100 million yuan. Their main focus areas are investment, construction, operations, purchase, import, transportation, storage, regasification, transmission, and sale of natural gas.
PO&G, headquartered in Singapore, is an independent energy development company focused on meeting the emerging energy needs of the Asian market. The company seeks to invest, develop, build, operate, and own throughout the energy supply chain. They place great importance to ensure they remain responsible corporate citizens. This LNG investment is the second of its kind carried out by the company.
About Sukanto Tanoto
Sukanto Tanoto, born in Medan in 1949, places great value on sustainable practices. He started off in the corporate world with his family business, holding onto his dream of going global. In 1973, he established his managing group RGE. Today, his conglomerate manages up to eight companies, with more than 60,000 employees in total.