(EnergyAsia, June 27 2012, Wednesday) — Shell North China Oil Group, a joint venture between the major and China’s Tianjin State Farms Agribusiness Group, is investing 550-million yuan to build a 200,000-cubic metre (cbm) storage terminal in the northern Chinese city port of Tianjin. (US$1=6.36 yuan).
The company is aiming to complete and start up the project’s first phase of 55,000-cbm capacity at the Binhai New Zone in 2013. Construction of the second phase will start in 2014 and be completed a year later.
Shell Oil Group expects the fully-completed terminal to handle three million tons of oil products a year, enhancing Tianjin’s role as a oil storage, trading and refining centre. The city port already has three large crude oil terminals to store 3.2 million cbm for strategic purposes, and 3.2 million cbm and one cbm for commercial use.
A Sinopec subsidiary owns and operates a 300,000 b/d refinery in Tianjin while a joint venture between state CNPC and Russia’s Rosneft is building a 260,000 b/d plant in the city for start-up in 2015.