The State-owned Assets Supervision and Administration Commission issued a notice on July 18, 2011, saying that CNOOC's Hainan LNG project won final approval from the National Development and Reform Commission, the National Business Daily reported Tuesday.

The investment of the project totaled 6.52 billion yuan, according to the report. The designed capacity for the first phase of the project is two million tons annually and the first phase is expected to be completed and put into production in 2014.

The Hainan LNG project is constructed and operated by CNOOC Hainan Natural Gas Co Ltd, a joint venture of CNOOC Gas & Power Group with 65 percent equity and Hainan Province Development Control Co Ltd with 35 percent equity.