Dalian: China Petroleum and Chemical Corp, which is Asia's largest oil refiner and is also known as Sinopec, began to construct a commercial crude oil reserve base in Binhai New Area in the port city of Tianjin this week.

The base will cover 68.4 hectares and have a storage capacity of 3.2m cubic meters. Sinopec will invest RMB 3bn in the base and plans to complete the construction in two years.

The base will include eight crude oil tank zones and will have 32 storage tanks in total. The base will also be equipped with a 22-kilometer pipeline that will be able to transport 20m tons of oil a year. 

A million-ton ethylene project and ten-million ton refinery project began construction on Tuesday, according to Sinopec. These projects will make Tianjin the largest oil refinery base in northern China and the largest ethylene manufacturing base in China.

Source: seartrade asia