ZhenHua Oil Co. held a ground-breaking ceremony for its crude oil storage project located in Binhai District, Weifang City, Shandong Province on the morning of July 1, 2023, marking the start of the construction work, per open sources.
The project is co-invested with Qingdao Port International Co. with an amount of Yuan 3 billion, and is expected to be finished by December 2024. It covers a land area of around 1,000 mu to mainly accommodate the crude oil storage facility with a capacity of 2.8 million cu m, supported by other auxiliary units including storage tanks, pump rooms, metering rooms as well as a 3.2-km pipeline that connects Weifang and Qingdao City.
The location of this project is carefully chosen to take advantage of Weifang's convenient transportation, sophisticated infrastructure construction and adjacency to Qingdao. Once finished, it is expected to enhance the positioning of Binhai District as a storage and distribution hub of crude oil, which is of strategic significance to the high-quality development and energy transition course in Shandong.
ZhenHua Oil has recently put another crude storage project into operation. Please see the previous reporting of OilChem for details.
Written by Aggie Hu, huchenying@mysteel.com
Edited by Navy Liu, liuchuanjun@mysteel.com
