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Giant oil depot for PetroChina

PETROCHINA signed an agreement yesterday with Nansha Development Zone of Guangzhou City to establish the largest refined oil depot in Southern China, Guangzhou Daily reported today.

The depot, with a capacity of 765,000 cubic meters, is expected to be operating by the end of the year. The monthly turnover of the depot will reach 500,000 tones. A harbor with a capacity to handle 80,000 tones of refined oil will be constructed as well.

PetroChina plans to set up a logistics base in Xiaohu Island with Guangzhou Nanye Storage Co, and the total investment will be 350 million yuan (US$51 million).


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