FACTBOX-China's New Commercial Crude Storage, Refineries in 2021
11.23.2020 - NEWS

November 23, 2021 [Reuters] – Chinese private refiners, storage firms and port operators are expected to lead the building of commercial crude oil tank farms in 2021, overshadowing state refiners and extending a storage boom that contributed to record stockpiles this year.

 
An estimated 25.4 million cubic metres, or 164 million barrels, of tank space is expected to be added between the start of the fourth quarter this year and the end of 2022, according to a Reuters tally based on interviews with companies and company statements and local media reports.

Of these, about 100 million barrels, equivalent to nine days of China’s crude imports, would come from investors that exclude state refiners Sinopec and PetroChina and will likely be ready for use in 2021. Firms include private refiners such as Hengli Petrochemical and Shandong Hongrun Group, port authorities in Qingdao and Rizhao, as well as storage operator Zhonggu in east China’s Zhoushan free trade zone. The list below shows planned commercial storage projects as well as planned crude distillation units (CDUs) in China.

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