| Yangpu oil reserves base to invite investment |
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| Saturday,December 08,2007 Posted: 09:42 BJT(0142 GMT) |
| From:Chinanews.cn Article type:Reproduced |
Chinanews, Haikou, Dec.7 – After the State Council approved setting up the Yangpu Bonded Port in Hainan, the first oil project recommendation meeting was held in the port on Thursday. At the meeting, organizers formally announced the plan of building a commercial oil reserves base in Hainan. The oil reserves base can handle up to 10 million cubic meters of oil each year.
Large oil companies and investors from home and abroad, including BP, China Investment Corporation, Hainan Holdings Co., Ltd., and oil companies from United Arab Emirates and Saudi Arabia all showed great interest in the project.
With a planned investment of 13 billion yuan, Yangpu Commercial Oil Reserves Base will be built into a large oil storage tank that can keep up to 10 million cubic meters of crude oil after construction is completed. The oil tank will serve both as an oil storage as well as an oil transfer station. Half of the crude oil will be stored in the base while the other half, about 40 million tons of crude oil, will be used for commercial transfer, said Guo Zhao, director of the Economic Development Bureau at Yangpu Economic and Development Zone.
A supportive 300,000-ton-class berth for crude oil transfer will also be built in the port. Its annual handling capacity will reach 20 million tons a year. Several small transfer docks will be built in the large oil transfer base. Lesser berths, ranging from 20,000 ton to 100,000 ton-class ones, will be built based on the distance of location and the actual handling capacity of the docks of the oil recipient sides, the total annual transfer capacity of at least 40 million tons can be achieved.
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