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China’s Shandong province to expand crude storage capacity by end-2020

Shandong province, home to nearly 80% of China’s small independent refiners, is set to expand its 300MnBbls crude storage capacity by 64.54MnBbls (10.26MnCum) by the end of this year for storing cheap crudes.

Two of the new storage tanks have already started operations – Sinopec’s 1.6MnCum tanks at Dongjiakou port and Baogang International’s 1.16MnCum tanks at Dongying port. The remaining 7.5MnCum are targeted to be online as early as July, mostly concentrated in the Dongjiakou port area.