December 23, 2010 [Reuters] - State-owned China National Petroleum Corp has completed construction of a commercial oil storage in the northern port city of Tianjin that could store 1 million cubic metres, or 6.3 million barrels, of crude.
CNPC, parent of PetroChina , started building the 980 million yuan storage facility in the Binhai New Development Area in Tianjin in March this year, said the report posted on the local government’s website on Thursday.
There are a cluster of petrochemical storage projects to be built in the area that will have total storage capacity of 20 million tonnes, or 146 million barrels, the report said.
The Chinese government and state firms have been quickly expanding their crude and oil products storage capacity in recent years to improve supply security.
