Hong Kong-based China LNG Group changes name and image to reflect more focus on clean power
China LNG Group Ltd., a Hong Kong-based company with assets along the value chain in mainland China, has formally changed its name to China HK Power Smart Energy Group Ltd to reflect better the company’s business plans and demonstrate its commitment to future development.
Hong Kong floating LNG terminal owners give update on facility’s benefits for the former British colony
The Hong Kong floating LNG import terminal, the “Bauhinia Spirit” FSRU deployed to the east of the Soko Islands, is operating well after entering service in July 2023 and has been receiving diverse cargoes.
CLP Power Hong Kong and The Hongkong Electric Company are the charter owners of the facility and they have recently updated investors on the benefits of LNG imports for the former British colony handed back to China in 1997.
“The operation of the terminal has enhanced Hong Kong’s fuel supply stability by the addition of a new supply source for natural gas, facilitating the city’s energy transition,” they said.
The “Bauhinia Spirit” is the world’s largest FSRU and has an LNG storage capacity of 263,000 cubic metres.
It is moored at the jetty of the terminal to receive, store and regasify LNG before the natural gas is sent by two separate subsea pipelines to CLP Power’s Black Point Power Station and HK Electric’s Lamma Power Station.
“The terminal gives the power companies direct access to international LNG markets and provides a long-term alternative fuel source to meet Hong Kong’s generation needs,” they added.
Reliability
“It also strengthens the companies’ supply reliability, and ability to source competitively-priced gas for the benefit of customers and Hong Kong as a whole,” the statement explained.
The CLP Holdings Chairman, Sir Michael Kadoorie, said that the construction of the offshore LNG terminal took place in the midst of the pandemic, exemplifying Hong Kong’s engineering prowess and the city’s can-do spirit.
“Being the first of its kind in Hong Kong, the offshore LNG terminal bears great significance in supporting the city’s energy transition,” Kadoorie added.
“CLP Power and HK Electric have been serving Hong Kong for over a century. This new terminal signifies a proud collaboration between us to support Hong Kong’s energy development,” he explained.
“We would like to take this opportunity to express our greatest gratitude to the many parties who helped make this engineering wonder possible - our business partners, marine experts, engineers, technicians, construction workers and HK Electric and CLP Power colleagues,” Kadoorie stated.
John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR), said that the offshore LNG terminal was a great benefit to the people of Hong Kong.
“The terminal not only ensures a more reliable and diversified energy supply for Hong Kong, but also helps to promote more stable electricity prices,” Lee concluded.
Vopak and MOL complete Hong Kong LNG terminal deal with world’s largest FSRU renamed ‘Bauhinia Spirit’
Royal Vopak, the Netherlands-based global storage company, and Japanese shipping line Mitsui OSK Lines have reached an agreement whereby Vopak will acquire a minority stake in the “MOL FSRU Challenger” whose name will change to “Bauhinia Spirit” before being deployed as a Hong Kong LNG import terminal.
Hong Kong moves ahead with coal-to-gas power switching using world’s largest floating LNG terminal
Hong Kong Electric, the former British colony’s main power company, said the first LNG import project in the territory now administered by China, including the world’s largest floating storage and regasification unit, will start operations in mid-2022.
