Changxing Island, COSCO SHIPPING partner to expand LPG fleet and build hydrogen energy hub
Updated: Jun 18, 2024 Official WeChat account of Changxing Island
The Dalian municipal government, the Management Committee of the Dalian Changxing Island Economic and Technological Development Zone, and COSCO SHIPPING Investment Dalian Co Ltd recently signed a cooperation agreement to boost their liquefied petroleum gas (LPG) fleet and develop a hydrogen-based energy warehousing and logistics hub.
This cooperation agreement is significant for the development of the Dalian Northeast Asia International Shipping Center and will play a crucial role in establishing sea-land channels for hydrogen-based new energy in eastern Inner Mongolia and Northeast China.
The agreement involves a total investment of approximately 24 billion yuan ($3.31 billion). Over the next five years, the Changxing Island fleet of COSCO SHIPPING Investment Dalian Co Ltd will invest nearly 20 billion yuan to add 32 Very Large Gas Carriers (VLGC) and other types of ships, expanding the fleet capacity to 44 ships. This expansion aims to achieve the goal of creating a "domestic first, internationally leading" gas chemical fleet.
Additionally, COSCO SHIPPING Investment Dalian Co Ltd will collaborate with Dalian Xizhong Island Development Group Co Ltd to invest in constructing a chemical and hydrogen-based energy warehousing and logistics hub.
The project will feature a 10,000-50,000 ton liquid bulk berth and a public warehousing base for chemicals and hydrogen-based green energy products, such as green methanol, green ammonia and green aviation kerosene, covering an area of approximately 500,000 square meters. The total investment for this project is approximately 4 billion yuan, with construction set to begin in the fourth quarter of 2024.
