China's Private Refiner Hengli Doubles Crude Storage Space
11.09.2020 By Greta Talmaci - NEWS

November 09, 2020 [Energy] – Chinese private refiner and polyester maker Hengli Petrochemical Corp has more than doubled its crude oil storage base to about 43 million barrels, one of the largest held by a single refinery, two company officials said.

The firm added 3.6 million cubic metres of new crude oil tankage space at Changxin island in Dalian in northeast China where its 400,000-barrels per day (bpd) refinery is located, bringing its total crude oil tank farm to 6.8 million cubic metres, or 43 million barrels, said a company spokesman based in China.

“The new tanks will allow us to further optimize crude oil procurement and better manage cost,” said the spokesman, who asked not be named.

Hengli gets nearly all its crude oil needs from imports, including a long-term supply pact with Saudi Arabia.

“We shall increase our crude oil stockpile when oil prices dive to very low levels again in the future,” the spokesman said.

Construction began in March and by early July 24 tanks, each of 150,000 cubic metres in volume, were completed, he added.

The quick construction was spurred by oil prices that slumped to decade-lows this year amid a price war between top global producers and as the coronavirus smashed oil demand.

The tanks were ready for use from around October, a second company executive told an industry seminar last month.

At 43 million barrels, Hengli can cover about 107 days of its refinery processing requirement, far exceeding the normal operational inventory of 20 to 25 days held by a typical Chinese refinery.


Click Here to Access Today a 6,000 Tank Terminal Database With a Pro Trial
6,000 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Hiap Huat JV Co to Build RM100m Liquid Bulk Storage Terminal in West Port Over Five Year Period
06.21.2024 - NEWS
June 21, 2024 [New Straits Times]- Hiap Huat Holdings Bhd’s joint venture company with KL P... Read More
Madrid-Based Company FRV Announces Plans to Develop Green Hydrogen Project in Brazil
06.21.2024 - NEWS
June 21, 2024 [Bioenergy Times]- FRV, a renewable energy development company based in Madrid and ... Read More
China's Wison New Energies to Quit Russian Projects in Blow to Arctic LNG 2
06.21.2024 - NEWS
June 21, 2024 [Reuters]- Chinese engineering firm Wison New Energies has decided to discontinue a... Read More
TotalEnergies, NNPC Take FID on New Gas Project to Supply Nigeria LNG Plant
06.21.2024 - NEWS
June 21, 2024 [LNG Prime]- France’s TotalEnergies and Nigeria’s NNPC have taken the final inv... Read More