Sinochem-Gree Oil Terminal is scheduled to hold completion ceremony of 410,000-cu-m tank farm in Gaolan port of Zhuhai City in Guangdong Province Friday, marking official operation of the tank farm, revealed a company source.
The terminal, which is the second phase for Sinochem-Gree's oil storage project, comprises 220,000-cu-m fuel oil tanks and 190,000-cu-m oil product tanks, the source introduced.
It received the first fuel oil cargo on Jan 14, which was 64,000mt of Singapore straight-run fuel oil with Guangdong Zhenrong as importer, according to the source.
With the tank farm in operation, Sinochem-Gree Oil Terminal would have 350,000 cu m of storage for fuel oil, 270,000 cu m for oil products and 80,000 cu m for chemicals.
The company's fuel oil storage business will still depend on Sinochem International and Chimbusco Pan Nation in 2011, the source also said.
C1's shipping fixtures showed that Sinochem International imported 75,000-mt cargo of Singapore mixed/cracked high-sulfur fuel oil to Zhuhai on Jan 20 and injected it into Sinochem-Gree oil terminal.
Sinochem International set bonded fuel oil sales target for 2011 at 1-mil mt, which may become the largest client for Sinochem-Gree Oil Terminal, according to an informed source. A source with Sinochem International declined to give comment.
Sinochem-Gree Oil Terminal was co-invested by Sinochem Corp and Zhuhai Gree Group Corp. Sinochem Corp is the controlling shareholder and operator of the company, which owns two 80,000-DWT, one 10,000-DWT and three 5,000-DWT jetties. Thanks to its excellent geographical location, Sinochem-Gree Oil Terminal works as a transfer hub for refined oil products from Middle East and Russia, etc. Oil re-exports take up over 90% of the terminal's business.
