PetroChina Company will establish South China’s largest refined oil depot and product distribution center on Xiaohu Island in Huangge Town of Nansha District in Guangzhou.
PetroChina International Company and the Administration of Guangzhou Nansha Economic and Technological Development Zone have signed a cooperation framework agreement.
PetroChina will build a refined oil depot with a total storage capacity of 765,000 cubic meters and a harbor on Xiaohu Island. The project will be able to deal with 500,000 tons of refined oil each month. This will be PetroChina’s largest refined oil depot and distribution center for important refined oil products in South China.
Chinaoil is a wholly owned subsidiary of PetroChina. China National Petroleum Corporation views the Guangzhou Nansha project as a key move for its development and planning, and a supporting point for its supply chain of refined oil products in South China. The project is expected to be completed by the end of 2009.
People’s Daily Online reports numerous well-known central state-owned enterprises (SOEs) — including China State Shipbuilding Corporation, Dongfang Electric Corporation, China Xi’an Electric Group, PetroChina, China Datang Corporation, China Shipping (Group) Company, Baosteel Group Corporation, China Resources Power Holdings Company and China North Industries Corporation — have invested in 26 projects in Nansha.