Each of the four tanks in Baishawan has capacity to store 150,000 cubic metres, or about 945,000 barrels of crude oil, its largest stand-alone tank, the group said in a report on its website (www.sinopecgroup.com).
In December, Sinopec Corp completed construction of two tank farms in Ningbo, in Zhejiang province, that can hold up to 3.8 million cubic metres, or some 24 million barrels, of oil.
The new Baishawan tanks are part of a larger, second storage phase at the location that also includes two tanks of 50,000 cubic metres each and 13 tanks of 100,000 cubic metres each, state media has reported.
China has said it would take advantage of falling oil prices to boost oil and gas imports and push forward its strategic stockpiling plans, and encouraged its oil firms to use spare capacity to build commercial oil reserves. State-controlled PetroChina has also completed a major crude storage facility in northwestern Xinjiang and began to fill the tanks with Kazakhstan crude last month