The port of Yangpu at Haikou in the southern Chinese province of Hainan may soon have a new oil terminal to accommodate VLCCs as part of state plans to develop Yangpu Bonded Harbor Area into an oil storage hub.
Oil storage specialists Royal Vopak is reported to be embarking on a $1-billion project to develop tank and wharf loading facilities, with China’s State Development & Investment as joint venture partners.
According to one source, the Chinese government wants two to three 300,000 dwt oil terminals along with two 50,000 dwt terminals and tanking with capacity exceeding 5 million m³ in the Yangpu special economic development district.
Hainan Vice Governor Jiang Sixian said, ‘Yangpu Bonded Harbor Area, now a large petrochemical production base, will become an important international base for processing and export of petrochemical commodities.’
Source: Tank Terminals http://www.tankterminals.com/news_detail.php?id=278