An oil depot with a capacity to store 765,000 cubic meters is to be built in southern China's Guangzhou City. This information was released yesterday at the signing ceremony of an agreement between the Guangzhou Nansha Economic & Technological Development Zone Administration Committee and PetroChina International Co. Ltd., a subsidiary company completely funded by PetroChina.

The oil depot and an oil terminal for 80,000 dwt ships could be completed before the end of 2009.

Once completed, 500,000 tons of oil products will be shifted monthly. The facility will be PetroChina's biggest oil depot in southern China and an important oil terminal.

In April, a project to create the Sino-Kuwaiti oil processing and chemical project in Nansha – the largest Sino-foreign oil-related joint-venture in China - was abandoned in Nansha as a result of environmental pressure. The project will look for new site.

A Government official from Nansha district said that the new PetroChina project meets Nansha's environmental guidelines, and is unrelated to the Sino-Kuwaiti project.

Many other elements are involved in the agreement signed yesterday, including oil product trading and the construction of marine fuelling stations.

For more information, please consult the coverage in Chinese at:

http://www.caijing.com.cn/2009-06-23/110188538.html

(China.org.cn by Li Xiaohua June 24, 2009)