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15

Petrochina To Have Largest Oil Storage

Chinese oil company PetroChina was planning to build commercial oil storage tanks

Chinese oil company PetroChina was planning to build China's largest commercial oil storage tanks, with 1 million cubic meters of capacity, the China Securities Journal reported Monday.

Work on the Shanghai complex is expected to start around the middle of this year and the first section, able to hold up to 400,000 cubic meters of oil, is due to come on line in 2007.

Six companies, including PetroChina, had formed the Yangshan International Oil Storage and Transportation Co. to build and manage the reserve with a total US$48 million of investment planned, the paper said. PetroChina, China's top oil producer, declined to comment.