NDB, AIIB finance emergency LNG reserve project in Beijing

The New Development Bank has approved a loan of €436 million (equivalent to RMB3.4 billion, $519 million) to China for the Beijing Gas Tianjin Nangang LNG Emergency Reserve Project. The project is being co-financed by a $500 million loan (RMB3.3 billion) from the Asian Infrastructure Investment Bank.

Liquefied natural gas receiving, storage and regasification facilities, as well as an unloading wharf, will be constructed under the project. The aim of the project is to increase natural gas emergency supply capacity, reduce reliance on coal, and ultimately support low-carbon and sustainable development of the regional economy. The project will contribute to bridging considerable gaps between natural gas demand and supply in Beijing-Tianjin-Hebei region, where natural gas supply for the peak consumption seasons, such as the winter period, now cannot be ensured. 

The project will be implemented over five years by Beijing Gas Group Co, with a total cost of RMB13.8 billion.