Officials of state-run oil firm CNPC, the National Development and Reform Commission (NDRC) and the National Energy Administration attended the groundbreaking ceremony of a reserve base in Lanzhou in northwestern Gansu province last December.
The government will be investing 2.38-billion yuan to develop a terminal to store up to three million cubic meters or nearly 18.9 million barrels by the first half of 2011. CNPC will also construct tanks at a nearby location to support the Lanzhou base. (US$1=6.83 yuan).
Separately, the China National Aviation Fuel Group Corp has announced it and Tianjin Petroleum Co Ltd will be jointly building a jet fuel storage and transportation base in the northern Chinese municipality of Tianjin.
The companies will be investing 770-million yuan to build a terminal to store 685,000 cubic metres of jet fuel to serve the major airports in northern China including Beijing, Hebei, Liaoning, Shandong and Tianjin.
The project will be developed in two phases, with groundbreaking expected to take place in June.