China Huaxin Holdings has recently begun to construct a 2.6-mil cu m of oil terminal in Yangpu of South China's Hainan Province, with completion due in end 2013, according to a government official.
The terminal will consist of 2-mil cu m of crude tanks and 600,000 cu m of fuel oil tanks, said the official with the merchant bureau of the Yangpu Economic Development Zone.
When coming on stream, the terminal is expected to record an annual turnover of 37.44-mil mt, the official said.
The terminal is the first phase of Huaxin Holdings' 12-mil cu m of oil storage project in Yangpu, the official told C1.
The second and third phases will include a combined 5.8-mil cu m of storage capacity for crude and 3.6-mil cu m for fuel oil, the official also said.
Turnover of the whole project is expected to reach 172.8-mil mt annually.
Besides Huaxin Holdings, Sinopec has started to build bonded oil product terminal in Yangpu and Royal Vopak will build storage terminal for crude there soon.
