PetroChina International Company Limited (www.petrochina.com.cn) signed an agreement with of Guangzhou Nansha Development Zone to build a refined products terminal with a total storage capacity of 765,000 cubic meters together with a 600,000-barrel refined-products port at Xiaohu Island in the Nansha district of Guangzhou City, according to a report by Industrial Info Resources (www.industrialinfo.com). Industrial Info says the facility will be capable of turning over 3.75 million barrels of refined oil products every month, making it the largest refined-products depot ever built by PetroChina in southern China.

Construction preparation is expected to begin shortly, with construction expected to officially begin by the end of this year. Currently, the fastest time that such a port has been built in China is 13 months, according to Industrial Info. Together with the terminal, the total construction time for this project is expected to be about two years.

In addition to this project, Guangdong Branch Company of China Petroleum Transportation Corporation (Beijing), together with Guangzhou Nanye Storage Company Limited (Guangzhou, Guangdong) will jointly invest $51 million to build a petrochemical logistics distribution center at Xiaohu Island, according to Industrial Info. Guangdong Branch Company of China Marine Bunker (Petro China) Company Limited (Beijing) and Guangzhou Hongye Group Company Limited (Guangzhou) also reached an initial agreement regarding the setup of a joint venture to provide oil supply services for international boats with PetroChina”s oil depot in Nansha as its base. Industrial Info says the annual business turnover of these auxiliary projects is expected to surpass $490 million.

PetroChina International is engaged in the import, export and transit trade of crude oil, refined products, petrochemicals and natural gas, as well as projects involving energy conservation, emission reduction, construction and management of storage facilities, service stations, and transportation facilities both in China and abroad. PetroChina International is currently managed with a unified administration together with China National United Oil Corporation (Beijing), a petroleum trading company jointly established by China National Petroleum Corporation (Beijing), the holding company of PetroChina, and Sinochem Corporation (Beijing).