SDIC Communications, a subsidiary of the State Development and Investment Corporation (SDIC), and Netherlands-based Royal Vopak will invest RMB7 billion ($1.02 billion) in a commercial oil reserve project in Hainan province.
It will be in the Yangpu Economic Development Zone in Hainan and the project will involve the construction of a public oil terminal for crude and oil product containing:
Two 300,000-ton berths
Two 100,000-ton berths
Two 50,000-ton berths
There will also be a commercial oil storage base covering an area of 500 million square meters.
China is building four levels of crude oil reserves. Besides a strategic crude oil reserve base built by both central and local governments, commercial oil reserves by large oil companies as well medium and small ones also constitute an important part of the total reserves.
Source: China Daily