Zhoushan Century Pacific Petrochemical wrapped up construction of a 480,000-cu-m oil terminal in Zhoushan City of East China's Zhejiang Province at the end of 2010, marking completion of its phase I project, a company source told C1.
A 300,000-cu-m terminal was put into operation earlier.
The 780,000-cu-m phase I project is mainly used to store crude, distillates and chemicals instead of fuel oil, the source introduced.
However, "we are still optimistic on fuel oil market and are considering building fuel oil terminals," said the source.
Zhoushan Century Pacific Petrochemical plans to construction 3-mil-cu-m phase II project in the future, revealed the source.
Zhoushan Century Pacific Petrochemical is one of the six private storage companies authorized to act as strategic petroleum reserve storage. It has a 50,000-DWT jetty.
