Vopak SDIC Terminal Yangpu Co is likely to start construction of a 1.3-mil-cu-m commercial crude oil storage base in Hainan province within this year, a source with Royal Vopak NV said on Thursday.
The company plans to begin operation of this base in the first half of 2013, the source said.
This base will be used for bonded storage of crude oil, to cover the local area and northeast Asia.
Vopak SDIC Terminal Yangpu plans to build a 300,000dwt crude oil jetty at the same time, which has been approved by the National Development and Reform Commission, according to the source.
C1 reported earlier that Royal Vopak NV and State Development and Investment Corp signed an agreement in early 2009 to jointly invest Yuan 7-bil to build a crude oil storage base in Yangpu, together with a 300,000dwt crude jetty and smaller jetties for refined oil. The two companies established the above-mentioned joint venture Vopak SDIC Terminal Yangpu.
Yangpu already has one 300,000dwt crude jetty and a 100,000dwt jetty for refined oil, both for Sinopec Hainan refinery.
