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ABN Amro has successfully concluded its financial advisory of the Guangdong Dapeng LNG Import Terminal & Trunkline Project in China. Vice Premier Zeng Pei Yan attended the signing ceremony.

Guangdong Dapeng LNG Import Terminal & Trunkline Project is located in Chengtoujiao, east of Shenzhen, Guangdong Province. This US$880mn project will have an initial throughput capacity of over 3mn tonnes per year and 213km of trunklines.

It is also China’s first LNG project and part of the Phase 1 of Guangdong LNG Pilot Project which includes the construction of new gas fired power plants, oil-to-gas conversion power plant and expansion of city gas grids.

When completed, the project, together with other auxiliary projects will make LNG available as an alternate clean energy for Guangdong Province.

The project is sponsored by China National Offshore Oil Corp, BP Global Investments, Shenzhen Gas Corp, Guangdong Yudean Group, Guangzhou Gas, Shenzhen Energy Group, Dongguan Fuel Industrial, Foshan Municipal Gas, Hong Kong Electric Holdings and The Hongkong & China Gas Company.

The project was financed with a Rmb5.2mn non-recourse project financing involving Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, China Development Bank and Bank of China.

It is also the first PRC non-recourse financing funded only by PRC domestic banks, capturing the opportunity for increasing liquidity in the market.