PetroChina, a petroleum company based in Beijing, intends to build commercial crude storage tanks with a combined capacity of 1 million cubic metres at the Shanshan Chemical Zone, in northwest China's Xinjiang Uygur Autonomous region.
It is the first phase of a larger project to construct an 8.1 million-cubic metre crude oil reserve depot, with a total investment cost of 629 million.
Construction for the first phase of the project is expected to start in August with crude to be stored in 2008. PetroChina will invest 879 million yuan (86 million) in the initial phase of the project.
