China Huaxin Energy Ltd. started building a commercial oil storage facility in the southern province of Hainan.
 
The Shanghai-based company plans to build 7.8 million cubic meters of commercial crude oil storage and 4.2 million cubic meters for fuel oil in the Yangpu development zone, according to a statement on its website. China Huaxin will invest 10.5 billion yuan ($1.6 billion) in the project, it said.
 
Two million cubic meters of crude storage and 600,000 cubic meters of fuel oil tanks will be built during a first phase, according to the statement, which didn't provide a timeline for the project.

 

 
SOURCE: bloomberg.com
 
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