CNOOC Ltd has announced that CNOOC, its parent, has signed an agreement with the Zhejiang Energy Group Company Ltd to invest in a joint venture to develop an intra-province natural gas distribution network. Under the agreement, CNOOC will invest in a joint venture company, Zhejiang Natural Gas Development Company Ltd, with Zhejiang Energy Group Co. Ltd, Nandu Group Holding Ltd and Zhejiang Power Corporation. The business scope of the planned Zhejiang Natural Gas Development Company Ltd includes the construction, operation and management of natural gas pipelines, the intra-province wholesale and distribution of natural gas, and the development of gas-fired power plant and other natural gas related infrastructures and projects. The joint venture company plans to become a leading vehicle in intra-province distribution and wholesale of gas from all possible sources including offshore gas, onshore inland gas and possible LNG gas.
