China’s Sinopec to operate Phase II Rizhao crude storage in June

SINGAPORE (ICIS)--China’s Sinopec is planning to start operating its 1.7m cubic metres (cbm) Phase II commercial crude storage base at Rizhao in Shandong province in late June 2012, the company said on Tuesday.

The base consists 17 tanks with a capacity of 100,000 cbm each and construction of the facility was completed on 26 April, according to a statement on Sinopec's online newswire.

The company has been operating a 1.1m cbm Phase I facility which comprise 11 tanks of a capacity of 100,000 cbm each at the same site since 29 September 2011, the statement said.

Crude oil stored at both the Phase I and II facilities will be primarily distributed to refineries in the east coast of China, it said.

The Phase II crude storage base is the final part of the Chinese oil and petrochemical major’s commercial crude storage project at the site in Rizhao, according to Sinopec.