(EnergyAsia, October 27 2010, Wednesday) — Hong Kong-listed Brightoil Petroleum (Holding) Co Ltd has begun building an oil products storage and logistics base on the port in Zhoushan island in east China’s Zhejiang Province.
The terminal is envisioned to be the largest oil products base in the Yangtze River Delta.
The first phase of the project, involving a 2.04-million-cubic-meter capacity depot, requires an investment of around one billion yuan (US$1=6.6 yuan). When fully developed, the terminal will have the capacity to store five million cubic meters of products.
Brightoil and Zhoushan Port Group will also jointly invest a total of US$200 million to develop 13 berths to handle vessels of up to 300,000 deadweight tonnes (DWT).
The terminal and the logistic base are expected to be ready by end 2012.
When completed, Brightoil expects to be a fully equipped to handle fuel oil imports, store and blend oil product, supply marine bunkering, and provide services to passing oil and gas vessels.