Dec. 28 2010 (China Knowledge) - PetroChina Co Ltd., the nation's top oil producer, has completed its 1 million cubic meters of commercial crude oil storage in Tianjin, according to a news briefing post on the Tianjin Municipal Government's website.
According to the news briefing, the completion of this project is expected to help stabilize the energy supply and ease oil price fluctuation.
Pursuant to an agreement signed on Sep. between China and Russia, this storage project, whose construction lasted for nine months, will be used to store crude oil needed by the oil processing joint ventures between these two countries in Tianjin.
China National Petroleum Corp, parent of PetroChina earlier had said that the storage project, which consists of ten oil storage facilities, cost RMB 980 million in total.
Reportedly, CNPC currently is working with Russia-based OAO Rosneft on jointly building the above oil processing JV, which expects to have a daily crude oil processing capacity of up to 260,000 barriers.
