Shandong Landbridge Group has entered into an agreement with Beijing Energy Group to jointly develop a LNG receiving terminal at Landbrige Port in Rizhao.
Under the agreement, the two parties will invest RMB6.7bn ($973m) in total for the construction of the terminal, which will have a designed handling capacity of 5m tons of LNG annually. Additionally, the two companies plan to join their efforts to develop overseas energy projects.
Landbridge Group is a diversified multisector group specialising in port infrastructure, logistics, oil and gas and shipping. The company announced a plan last month to list Landbridge Port, the largest private port in China, on a stock exchange.
Landbridge Group has been actively expanding its overseas footprints in the recent years, having acquired Australian natural gas producer Westside Corporation in 2014.