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GCL restructures LNG, gas business

PROJECTS & HONG Kong-based Golden Concord Holdings GCL hopes to supply high-quality gas to its
COMPANIES Ltd (GCL) has launched a strategic restructuring several power plants and other industrial users
of its LNG and gas businesses, the company has across China.
said. At the same time, GCL has wrapped up
The group has established a new company, exploration of its overseas oil and gas assets and
GCL Natural Gas, and appointed H. Sterling is now shifting its focus to production.
Group chairman Eric Wang as the new entity’s As for its downstream activities, the National
chair. Development and Reform Commission The National
“GCL Natural Gas will integrate GCL’s (NDRC) approved the Yantai LNG terminal in
existing overseas natural gas exploration and January, and the project is set to be one of Chi- Development
development, its three LNG terminals in Yan- na’s largest LNG terminals, the company told
tai, Rudong and Maoming [in] China, and H. NewsBase. and Reform
Sterling Group’s natural gas investments and “The Rudong and Maoming LNG terminals
international gas-to-power projects to develop are awaiting NDRC approval before the end of Commission
LNG value chain to synthesise the exploration this year. H. Sterling, as a partner and co-investor (NDRC) approved
and production, liquefaction, transport, storage, of some GCL projects, has established close ties
trade and marketing of natural gas, working to with a number of large international gas compa- the Yantai LNG
make GCL Natural Gas a key player in the Chi- nies and made significant headway in securing
nese gas market,” the company said in a state- downstream customers in the project region,” terminal in
ment emailed to NewsBase. the company said.
GCL has interests around the world and, This is not first project where GCL has January.
amongst other things, is a leader in solar pho- co-operated with H. Sterling. The partners are
tovoltaic (PV) power, gas-fired power genera- also developing and investing in gas-fired power
tion and smart-grid technology in China. The projects in a number of countries across Asia and
National Energy Administration (NEA) ranked Africa, with a combined capacity approaching
the company near the top of the list of “Global 2,000 MW.
Top 500 New Energy Enterprises” for 2019. “As a rapidly expanding energy company, H.
The company says that by streamlining insti- Sterling is partnering with GCL to integrate its
tutions, increasing efficiency, consolidating cap- natural gas activities under a new, gas-focused
ital and integrating the entire gas value chain, partnership,” the company said.™

Week 34 28•August•2020 www. NEWSBASE .com P15