China Petrochemical Corporation (Sinopec) has received approval by the Shandong province to expand its liquefied natural gas terminal.

When the approved expansion is complete the facility located in the port of Qingdao will have the capacity to handle 7 million tons of LNG per year, Reuters reports.

The current terminal’s handling capacity is 3 million tons per year.

The expansion, valued at 2.3 billion Chinese yuan ($336.7 million), will not only see the handling capacity expansion but also the expansion of the storage capacity. Sinopec intends to add two storage tanks with 160,000 cubic meters capacity each.

Sinopec started operations at its Shandong LNG terminal in 2014.