Bloomberg News

China Huaxin Energy Plans Hainan Crude, Fuel Oil Storage Site

September 28, 2011

Sept. 28 (Bloomberg) -- 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.

--Editors: Alexander Kwiatkowski, Ryan Woo

To contact the reporter on this story: Jing Yang in Shanghai at jyang251@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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