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Sinopec considering US storage projects

Sinopec considering US storage projects
Sinopec is considering two US projects to expand storage facilities in the Caribbean and boost Gulf Coast crude oil exports.

According to sources quoted by Reuters, one of the projects could involve the company partnering with Freepoint Commodities and ArcLight Capital Partners.

This comes ahead of a business delegation visit by President Donald Trump next week.

The sources have said that the three companies are considering building a pipeline to move shale oil from the Permian basin to the Gulf Coas t. They also said this project also includes the construction of a two million barrel crude oil terminal on a VLCC.

Additionally, Reuters reports that the firms have been exploring an expansion of oil storage at Limetree Bay Terminal in the US Virgin Islands.



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