Tianjin to have 4 large Crude Oil storage plants by Y 2015
The new storage unit, by the joint venture Shell Oil Group of North China (NYSE:RDS-A), will be built in the Binhai New Zone in 2 phases.
The 1st one will be put into operation in Y 2013, with 55,000 cubic meters of Crude Oil storage tanks and supporting facilities, while the second phase will kick off in Y 2014 and be completed in Y 2015.
The storage plant, with a total investment of 550-M Yuan (US$87-M), is expected to handle 3-M tons of Crude Oil products and generate an annual sales revenue of 24-B Yuan.
Three large oil storage plants have already been built in Tianjin, all undertaken by domestic Oil companies, including a 3.2-million-cubic-meter Tianjin base for national Crude Oil strategic reserve, a 3.2-M cubic-meter Crude Oil reserve for commercial use, and a 1-M cubic-meter commercial Crude Oil reserve.
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