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Chinese Terminal Building to Rise

Down-stream industries enjoy benefits of energy demand....

China's coastal cities plan to step up the pace in crude oil terminal construction over the next few years to cope with the country's rising oil imports, the 21st Century Business Herald reported, citing industry officials.

The Tianjin municipal government plans to invest 15.4 bln yuan to build a 250,000-300,000 ton crude oil terminal by 2010, with authorities in Qingdao ready to commit 16 bln yuan in port projects over the next 7 years, including a 300,000 ton crude oil terminal, the newspaper said.

The city of Dalian has already started the construction of a 500,000 ton crude oil terminal with total investments of 316 mln usd, it said, adding authorities in Zhoushan, Maoming and Zhanjiang have also worked out near-term terminal development plans.

To help fund the projects, the local governments have offered attractive terms, including favorable tax policies, to encourage investments from domestic and foreign oil companies, the report said. No further details were provided.