BEIJING, March 12 - Sinopec Corp <0386.HK> <600028.SS> has started building a large oil stockpiling facility near its Maoming refinery in southern Guangdong province, a company newspaper reported on Friday.
The commercial oil storage facility, consisting of 15 oil tanks with capacity of 125,000 cubic metres each, is expected to be operational by the second half of 2011, the China Petrochemical News said.
The report did not say how much of an investment would be involved.
China rarely publishes storage data for state oil companies, but one logistics executive with a state-run firm last April put the total crude tank space at 40 million cubic metres (252 million barrels) and products at 50 million cubic metres (315 million barrels).
The commercial oil storage facility, consisting of 15 oil tanks with capacity of 125,000 cubic metres each, is expected to be operational by the second half of 2011, the China Petrochemical News said.
The report did not say how much of an investment would be involved.
China rarely publishes storage data for state oil companies, but one logistics executive with a state-run firm last April put the total crude tank space at 40 million cubic metres (252 million barrels) and products at 50 million cubic metres (315 million barrels).
