China’s gas pipeline is extending all the way to Woodland Hills. EurOrient Financial Group, a Valley private sector global development financial firm has won a coveted $1 billion contract to develop one of just 10 planned terminals to supply China with Liquified Natural Gas. The contract, which will allow EurOrient to build the terminal in Rizhao City in the northern Shandong Province in the People’s Republic of China, and to contract with a country to supply a capacity of about 1.5 million tons of LNG, is only the second awarded by the government of China. The company, one of the earliest entrants into China, expects that over 10 years, the contract will total about $3.5 billion. LNG is made by converting natural gas to liquid form in order to transport it by sea. Once at its destination, it is converted back to natural gas and transported through pipelines for use in heating, manufacturing and other ways just as with natural gas. EurOrient said that it is considering a list of suppliers that includes Australia, Indonesia, Malaysia, Qatar, Oman, Bolivia and Russia. “I am the only foreigner to get my own contract,” said Ron Nechemia, president of EurOrient of the agreement with China. “Different EurOrient entities will be doing different parts of the project.”
