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Sinopec adds storage for Oman and Saudi crude oil - ASHARQ AL-AWSAT English Archive
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BEIJING, (Reuters) – Asia’s top refiner China Petroleum and Chemical Corp (Sinopec Corp) has completed building a 1.88-million-cubic-metre commercial crude oil storage facility in Maoming city in southern Guangdong province, one month ahead of schedule.

The 1.7-billion-yuan facility, expected to be operational on April 20, is designed to store mainly Oman crude oil and Saudi Arabia’s light crude, Sinopec’s parent China Petrochemical Corp said in a report on one of its websites (www.sinopecnews.com.cn).

As a result, crude oil storage in Maoming, home to Sinopec’s 270,000 barrel-per-day Maoming refinery, will increase to 3 million cubic metres or 18.9 million barrels.

Sinopec has reserved a spare space neighbouring the new storage facility that could house 15 additional crude oil tanks with 125,0000 cubic metre capacity each, the report said.

China’s top oil firms have fast-tracked oil storage expansion in the past years to service their expanding refining systems and establish commercial space under Beijing’s call to boost supply security.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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