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Sinopec Receives Approval To Build Oil Storage Tanks In Rizhao, China

Published: 11-Jun-2009

By: Staff Writer Staff Writer Staff Writer

China Petroleum & Chemical Corporation (Sinopec) has received consent to construct 2.4 million cubic meters, or around 15 million barrels, of crude oil storage tanks in Rizhao in eastern Shandong area. The company also won approval from National Development and Reform Commission to construct a new crude oil berth that would be capable to dock very large crude carriers and a pipeline connecting Rizhao and Yizheng in nearby Jiansu region.

Rizhao Port, the port operator, and Sinopec each will contribute 50% of the funds for the 486-metre long wharf that would have crude throughput capacity of 20 million tones per annum.

China has concluded its first phase of state strategic oil reserve bases that have around 102 million barrels of oil. China has intended a second phase that will be able to store around 170 million barrels.

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