CNOOC(SH:600938) Yang Shi Xin Wen Ke Hu Duan·2025-12-30 09:37Core Viewpoint - The construction of the LNG storage project at the Eastern Guangdong LNG receiving station has officially commenced, marking a significant technological breakthrough in China's large-scale LNG storage and transportation facilities [1][4]. Group 1: Project Overview - The project will build the world's largest land-based membrane LNG storage tanks, with a total gas storage capacity of 470 million cubic meters across three tanks [1][4]. - The total gas storage capacity of the Eastern Guangdong LNG receiving station will increase to 780 million cubic meters, with an annual processing capacity of 6 million tons [6]. Group 2: Technological Advancements - The new membrane tank technology is more space-efficient and economically advantageous, reducing overall carbon emissions by over 25% and allowing for flexible storage of various cryogenic media [3][10]. - The membrane tanks consist of a concrete outer tank and a stainless steel inner tank, designed to expand and contract with temperature changes while ensuring leak-proof storage [10][12]. Group 3: Industry Growth and Future Projections - Since the start of the 14th Five-Year Plan, China's LNG receiving station construction has rapidly developed, with the annual receiving capacity expected to exceed 200 million tons by 2030 [15][20]. - The number of operational LNG receiving station operators has increased from 9 to 16, with a significant rise in the share of private enterprises, which now account for nearly one-third of the supply capacity [17]. - The national LNG storage capacity has seen a substantial increase from 10.7 million cubic meters in 2020 to 28.68 million cubic meters by 2025, representing a growth of 168% [17].