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China's Sinopec to launch crude storage tanks at Cezi Island 2011

https://www.chemnet.com   Aug 11,2010
China's largest refiner Sinopec plans to complete construction of its 13.5 million cubic meter capacity (84.91 million barrels) commercial crude storage tanks at Cezi Island in East China's Zhejiang province in 2011, its parent company China Petrochemical Corporation said on its website Monday.


The Yuan 13 billion ($1.92 billion) investment project, including 13 tanks each with a capacity of 100,000 cu m and one tank with a capacity of 50,000 cu m, were being installed and are expected to be completed in May 2011, Sinopec said.


With the tanks coming into operations, Sinopec will be able to store a total of 19.5 million cu m of crude at Cezi Island in Zhoushan city, 225% more than the current 600,000 cu m. The oil major currently operates a 300,000-dwt crude terminal and six tanks each with a capacity of 100,000 cu m at the island, an industry source said.


That would help Sinopec meet increasing oil demand in the eastern region, including Zhejiang, Jiangsu provinces and Shanghai, as well as reduce the impact of oil price fluctuations, the source added.


The tanks at Cezi Island are one of the two transmission starting points of the 634-km Zhejiang-Shanghai-Nanjing [located in Jiangsu province] crude pipeline network. The pipeline is used by Sinopec to deliver up to 43 million
mt/year of imported crude to its affiliated five refineries in east China.


The other starting point of the pipeline network is from crude tanks at Daxie Island in Ningbo, Zhejiang province.


Crude stored at the tanks in the island can also be transported to the country's largest 23 million mt/year Zhenhai refinery in Zhejiang province
directly by pipelines, the source said.


Sinopec operates five refineries in East China with a total processing capacity of 70 million mt/year, 31% of Sinopec's total. As well as Zhenhai, these include the 13.5 million mt/year Jinling and 8 million mt/year Yangzi
refineries in Jiangsu province, and the 14 million mt/year Shanghai refinery
and 11.5 million mt/year Gaoqiao refinery in Shanghai city.


Currently, Sinopec's 600,000 cu m tanks at Cezi Island can store crude unloaded at the 20 million mt/year crude terminal at the island via pipelines,
as well as receive crude transmitted from Sinopec's oil tanks in Aoshan city
of Zhejiang province by a 43 km pipeline, according to the source.
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