Chinese independent supplier Brightoil Petroleum (Holdings) Limited has started construction of a 5 million cubic metre (m³) oil terminal on an island near Zhoushan. The 0.99 square metres (sq²) island, in Zhejiang province at East China, will be the biggest oil terminal in the Yangtze River Delta when the whole project is completed in 2012, according to local press Xinhua News Agency.
According to the report, $200 million has been set aside to build 13 berths which can handle 3,000 to 300,000 dwt vessels at the terminal. The investment is jointly funded by Brightoil and the Zhoushan Port Group.
The project will be implemented in two phases. The first phase, costing $1 billion yuan ($150 million), will see the oil terminal attaining a capacity of 2.04 million m³. Upon the completion of the second phase, the oil terminal will have a capacity of 5 million m³.
Brightoil said last week it has set aside $1.56 billion for capital expenditure over the next three years. The company's Vice-President William Chia said the sum will be used for investment in Zhoushan and Dalian oil storage and terminal projects.
According to the report, $200 million has been set aside to build 13 berths which can handle 3,000 to 300,000 dwt vessels at the terminal. The investment is jointly funded by Brightoil and the Zhoushan Port Group.
The project will be implemented in two phases. The first phase, costing $1 billion yuan ($150 million), will see the oil terminal attaining a capacity of 2.04 million m³. Upon the completion of the second phase, the oil terminal will have a capacity of 5 million m³.
Brightoil said last week it has set aside $1.56 billion for capital expenditure over the next three years. The company's Vice-President William Chia said the sum will be used for investment in Zhoushan and Dalian oil storage and terminal projects.